7.2 Wednesday, Bitcoin latest market analysis

Looking back at the market trends from last night to this morning, Bitcoin surged to a high of 106250 in the early hours, but quickly turned downwards, retracing all the way to a low of 105182. The insights provided by Yu Mo in the early morning were also spot on!

From the 1-hour candlestick trend, the bearish situation of Bitcoin has already taken shape. In the Bollinger Bands indicator, the price is closely adhering to the lower band, while the upper and middle bands continue to decline, with the opening gradually widening, indicating that bearish forces are continuously accumulating. Looking at the MACD indicator, although the green bars are slowly shortening, the bearish pattern has not changed; the downward momentum has only slightly weakened, and has not completely dissipated. The three lines of the KDJ indicator have turned at a low position, but the rebound strength after the previous overselling is clearly insufficient to shake the current weak situation. In the short term, if Bitcoin cannot successfully break through the resistance of the middle band of the Bollinger Bands, it is highly likely to continue the downward trend. It is crucial to keep an eye on the previous low point of 105200; if this support level cannot be maintained, there may be a larger decline.

You can try to short Bitcoin around 106000, targeting 105000; the suggestion for Ether is to set up short positions around 2420-2440, with the target price set at 2355,#Gate用户突破3000万 .