2024.7.18 Bitcoin Market Analysis

Since the rebound on July 5, it has shown several characteristics, with a long rebound time and a large space. The influence of external factors has greatly accelerated the time and space of Bitcoin's rebound.

As shown in Figure 2, Bitcoin's weekly trend has rebounded below the middle track of the Bollinger Bands. The main pressure level above is around 66,000. The price rebounded to around 66,000 and did not break through the pressure level, and then fell back. It is expected that after a sharp rise in the early stage, there will be a short-term correction!

As shown in Figure 1, Bitcoin's 4-hour K-line chart, currently affected by the decline in US stocks yesterday, Bitcoin began to have a 4-hour level correction last night, falling to the middle track of the Bollinger Bands and rebounding. It will test this area again in the future. If it cannot stand firm near 63,800 in the future, it will start a 6-hour level decline trend! But in the short term, it is still strong before it falls below the middle track of the Bollinger Bands!