7.24: Bitcoin (BTC) market analysis reference

Yesterday, the Bitcoin market surged in the early morning before experiencing a pullback, with prices facing resistance around the 120,000 mark. Subsequently, it broke down and trended downward. Currently, it has rebounded again at the low level to around 117,250, showing a rebound. Overall, the market is maintaining a wide range of fluctuations, and the current price is running in the vicinity of 118,300.
Looking at the daily chart, the price has repeatedly rebounded but failed to stabilize around the 120,000 level. The price breaking down is leading to another decline, with the 120,000 round number forming resistance above. If the market cannot make a strong rebound during the day, the price will continue to experience a wide range of fluctuations.
On the short-term hourly chart, the Bollinger Bands are in a contracting posture, with prices retracing in the middle to lower band area. The short-term trend is under pressure around the 119,000 level. Although it has touched the 117,000 line and rebounded, there have been frequent long wicks appearing below, indicating that there is also strong support below. If it cannot break through 119,000 in the short term, there is a possibility of a pullback to the 117,000 line. Therefore, it is not recommended to blindly chase longs, and caution should be taken as prices may decline again. Focus on the resistance above at 119,500 and 120,000, and the support below at the 117,000 line.
Bitcoin short-term reference:
Test the short position at 119900 - 121000, defend with a supplement at 122500, stop loss: 500, target below 119000.
Long test position at 117500-116500, stop loss 500, defend against 114500 for补, target above 118500,