7.15 Bitcoin (BTC) market analysis reference

Bitcoin's intraday market broke upward in the morning, surpassing the resistance at the 120,000 mark, with the price reaching around 123,300. The coin price once again refreshed its historical high, but the subsequent bullish supply was insufficient, leading to a pullback and high-level consolidation. As of the time of writing, the current price is operating just below 120,000. Looking at the short-term 4-hour chart, the Bollinger Bands are opening upwards, with the trend running in the middle to upper band area. The short-term bulls and bears are taking turns to exert force, with the price maintaining consolidation near the five-day moving average, entering a fluctuating rhythm. The attached MACD shows the two lines approaching, with a weakening upward momentum (indicating a potential death cross), while the RSI and Stoch show a downward trend. Therefore, there is still a risk of further pullbacks in the subsequent market. Although the price has broken through the 120,000 level, the trend has not stabilized, so a cautious approach would be to wait and re-enter long positions, with support levels to watch at 118,500-119,000. If the price stabilizes at the 120,000 level, the increase may be further extended. Thus, it is advised to focus primarily on buying during pullbacks.
7.15 Bitcoin short-term reference:
Lower test range 123,500-122,500, defend 124,800 supplement, stop loss: 500 target below 121,000,
Long entry point 11,850,000 - 11,950,000, stop loss 500, defend 116,000 for addition, target above 120,000