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Analysis of Bitcoin strategy on the evening of July 16
Today, BTC experienced a slight oscillation and surge after breaking through the resistance near 118100. In the evening, it began to retrace by 1300 points after encountering the second support around 119500 that I mentioned this morning. Congratulations to my friends who are following me for another good meal!
On the chart, it will repeatedly test the support and resistance conversion level around 118100. The 4-hour MACD DIF shows signs of crossing above the DEA, which is likely to form a golden cross indicating bullish momentum. This also means that the upcoming BTC will find another launching platform and continue to rise.
My personal opinion is that it will take place at two positions: one is the support and resistance conversion level around 118100 mentioned earlier, and the other is the upward continuation around 117100. Both of these positions are the starting points for the next round.
There will be resistance at the 120500 level, and once it breaks through, it will challenge the area around 122700 again.
It is recommended to enter a long position at 118100, with a focus on exiting at 120500 and 122700 above.
It's not easy to type by hand, thank you for your attention, likes, and support!