Bitcoin (BTC) market analysis on July 23, 2024
On the daily chart, Bitcoin (BTC) has bottomed out and rebounded again, and is currently consolidating at a high level. We still maintain our previous view: as long as it does not fall below the current support level, Bitcoin is likely to test the key psychological level of $70,000. Today's operation suggestion focuses on the support level of $66,500 and arranges long orders here.
Four-hour chart analysis:
The price is still running within the Bollinger Bands rising channel. Although the MACD indicator shows some signs of top divergence, as long as the price does not fall below $65,500, there is no need to worry too much about a sharp correction in the market.
One hour chart analysis:
The current price is volatile and may continue to fluctuate and consolidate at a high level.
Based on the above analysis, it is recommended that Bitcoin continue to focus on long positions on pullbacks during the day, operate prudently, and pay close attention to changes in key support levels.
Recommendations
Long strategy:
Long orders are placed near the $66,500 support level, with a target price of $70,000. The stop loss is recommended to be set below $65,500.
If the price cannot break through the current resistance level in the short term, you can consider adding positions again when the price pulls back to around US$65,500.
As Bitcoin consolidates at a high level, investors should pay close attention to market trends and respond flexibly. Steady operations and patiently waiting for the market to further clarify its direction will help capture the best trading opportunities in fluctuations.
Seize every market opportunity and take your investment to the next level!
