Crypto Circle Red Sister 7.29: Bitcoin faces selling pressure again at $120,000! Short-term support focuses on whether the 4H lower bound can hold! Today's latest market analysis and trading suggestions for Bitcoin (BTC)!

CN
7 days ago

Bitcoin Market Analysis and Trading Reference for July 29 (Writing Time: 0:01):

The current price of Bitcoin (BTC) is around 118,000. After a recent rapid price increase, it has entered a phase of consolidation and adjustment, operating near the EMA moving average group, showing unclear short-term directional movement. From the 4H chart's candlestick patterns, the recent appearance of the "black three soldiers" pattern further confirms the downward pressure on the price. Indicator analysis shows that market momentum is weak, with major technical indicators showing signs of seller dominance, especially MACD, KDJ, and RSI, all suggesting that short-term adjustments may still prevail. Currently, there is significant downward pressure in the market, and it may continue to test the support area below, but no severe fluctuations are expected; the market may enter a low-amplitude consolidation phase. The trend leans towards a structural correction, and it is recommended to observe for long positions, avoiding blind bottom-fishing. Attention should be paid to changes in candlestick patterns near key support levels and the performance of important technical indicators, waiting for stabilization or divergence signals before considering light positions! The BOLL bands are narrow, indicating reduced volatility, so attention should be paid to price breaks above and below the bands. The green histogram in MACD is shortening, showing increased bearish strength, but current market momentum is weak. In KDJ, the J line has entered the oversold area, with seller sentiment dominating, and it may continue to probe support in the short term. The long-term EMA maintains a bullish trend, while the short-term candlestick is close to or has broken below the mid-term moving average, with the trend yet to be confirmed. The short-term RSI line has entered the oversold zone, indicating significant downward pressure, and the risk of short-term adjustments remains; it is advised to focus on high selling during rebounds!

Buy Point Sharing: Buy at ≤116,500, stop loss below 114,600; take profit at 117,900-119,300; if it breaks above 119,500-112,000, it can be held.

Sell Point Sharing: Sell at ≥119,500, stop loss above 120,500; take profit at 118,100-117,200-116,300, if it breaks below 116,200-116,000, it can be held.

There may be delays in article review and push notifications; 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 the cryptocurrency world is vast and boundless, filled with opportunities and challenges. I hope you 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 enhance 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, may you all shine on the stage of cryptocurrency, realizing your value and dreams. Wherever you are, Red Sister cheers for you and looks forward to your wonderful performance. Red Sister wishes everyone smooth sailing on the cryptocurrency journey, returning with a full load!

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