Analysis and Trading Reference for Bitcoin (BTC) on July 17 (Written at 2:50)
The current price of Bitcoin is around 119,700. Yesterday, I mentioned that if Bitcoin breaks the 4H mid-line, it will continue to rise. Did everyone enter the market early? However, compared to Ethereum, it is slightly weaker. It is currently above the 4H mid-line, with the upper line index around 122,000, which is higher than yesterday, indicating that there may be expansion in the upper space. We are currently close to a key resistance zone, so I suggest patiently waiting for further confirmation of the trend.
In the 4H chart, the EMA moving average structure is being reorganized, and the short-term moving averages are rising again, indicating a relatively stable bullish trend. I suggest that those holding long positions can gradually reduce their positions to take profits, so that they can continue to add positions in batches during a pullback. However, pay attention to the performance at 122,000; if the price breaks through effectively, it may once again challenge the historical high of 123,000 USD, forming a U-shaped trend. Conversely, if the upper line meets resistance, the market may decline to the mid-line around 118,800 and the lower line around 115,500. If the price fails to break through and shows a pullback, you can try to buy near the support below 118,800, while strictly controlling the stop-loss level.
In the candlestick pattern, a "Three Red Soldiers" strong bullish signal has recently formed, and the price is hovering near previous highs, possibly attempting a breakout. In the MACD, the DIF and DEA are converging, and the red momentum bars are shortening, approaching a positive state. Be cautious of a secondary divergence where bears may regain dominance! The RSI short-term indicator has rebounded to a neutral to bullish area, suggesting that buying power is strengthening, and there is still room for a short-term rebound. In the KDJ, the J value is too high, nearing the overbought zone, so be alert to short-term pullback risks, but the K and D lines are generally rising, indicating sustained rebound momentum. The short-term EMA moving averages are steeply rising, with a good bullish arrangement, and the market trend is upward with strong support.
Today, I suggest continuing to consider entering the market with low buys on pullbacks!
Buy Point: ≤118,800 long, stop-loss at 117,500; take profit at 119,900; if breaking above 120,000-120,200, you can hold.
Sell Point: ≥122,000 short, stop-loss at 123,250; take profit at 120,500-119,500-118,500; if breaking below 118,000, you can hold.
The article review and push may be delayed, and the above points are for reference only. Please grasp the timing of buying and selling yourself, and ensure proper risk control when entering the market. Do not operate with heavy positions! Thank you for reading!
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Thus, our journey in the cryptocurrency world begins to move towards a broader new starting point, and it is by no means an endpoint, as the road is still long and must be walked step by step! The ocean of cryptocurrency is vast and boundless, filled with opportunities and challenges. I hope you will always maintain a thirst for knowledge and a spirit of exploration in the days to come.
Remember, the cryptocurrency world is not just about numbers and charts; it is an art about humanity, decision-making, and the future. In investing, maintain rationality and calmness, do not be swayed by short-term fluctuations, and view the market with a long-term perspective. Keep learning and improving your professional skills. Knowledge in the financial field is constantly updating; only through continuous learning can you keep pace with the times and seize every opportunity. Be brave to try and innovate. Do not fear failure, as every failure is an opportunity for growth. In the world of cryptocurrency, the brave often carve out their own territory. Finally, I wish you all shine on the stage of cryptocurrency, realizing your value and dreams. No matter when and where, Hongjie cheers for you and looks forward to your wonderful performance. I wish everyone smooth sailing on the cryptocurrency road and a bountiful return!
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