The difficulty of trading lies in adaptability, control, execution, and managing your emotions.

Hello everyone, I am the trader Gege. Continuing from the last article, I just mentioned the phrase "seven turns," and I didn't expect it to come true so quickly. Bitcoin has strongly hit a historical new high, and recently I've been doing quite well, continuously following the market and monitoring operations (feedback on operations cannot be seen here, but it can be seen in other places), so the article has been on hold for a while. The weekly K-line is about to close, and I’ll briefly touch on the technical aspects. Next week is "Crypto Week" in the U.S. House of Representatives (July 14-20), so we need to be cautious of unexpected market movements.

Back to the main topic, I took a look at the market from a technical perspective, and the feedback from the main chart and indicators is generally strong. There isn't much to interpret regarding the indicators. This wave of Bitcoin has seen a strong rise after a high-level consolidation, starting from around 108,000, with an increase of over 10,000 USD to the current high. There hasn't been a significant pullback along the way. As technical analysts know, a healthy trend must be accompanied by pullbacks to sustain in the long run. A one-sided upward trend will also experience sharp declines for a washout, which is normal. However, for Bitcoin's current price, perhaps a 10,000 USD move is just a small market movement, and a proper pullback may not be timely.

Gege will briefly mention the points to pay attention to above. I mentioned in previous articles that when the market breaks the previous high and reaches a historical new high, we should pay attention to the levels around 123,000 and 131,000. You can consider these two prices for potential pullback washouts. Short-term support can be observed around 117,000-116,500. It’s best to follow the trend for now; if you successfully touch the top against the trend, that’s great, but at this stage, it’s still important to observe more.

When the market was still within the previous range, I mentioned in my earlier articles that a breakthrough at around 2,700 would lead to continuation, and the market has indeed performed as expected. Currently, from a larger Fibonacci perspective, the 61.8% level corresponds to a price near 3,050, so this can be viewed as a boundary above in the short term. Once it breaks and stabilizes, it will continue to test the next resistance levels (3,350, 3,430, or even 3,520), so pay close attention to the 61.8% level. Short-term support below is around 2,950-2,920, followed by 2,820-2,850. Today's article will not detail specific strategies; you can think about specific strategies. A one-sided market can be exciting but also easily lead to confusion. Don’t let the fear of missing out on a strong rise cloud your judgment; approach it rationally.

The suggestions are for reference only. Ensure proper risk control when entering the market, and manage your profit and stop-loss spaces accordingly. Specific strategies should be consulted in real-time.

Alright, friends, we’ll see you next time. I wish everyone continued success in trading and smooth sailing in the crypto world! More real-time advice will be sent internally. Today's brief update ends here. For more real-time advice on Bitcoin, find Gege.

Written by / I am the trader Gege, a friend willing to accompany you in your resurgence.

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