Bitcoin (BTC) market analysis and operation suggestions on July 20, 2024

Market Analysis

Daily chart analysis

Bitcoin shows a strong upward performance on the daily chart, and the current price is 66612.2 points. Previously, it broke through the important pressure level and formed a new upward trend. Next, we need to pay attention to the changes in the key pressure level above and the support level below.

Four-hour chart analysis

On the four-hour chart, Bitcoin also shows a clear upward trend. The current price is near the upper track of the Bollinger Bands, and there is a possibility of a correction in the short term. We need to pay attention to the support of 64,500 points below and the pressure of 68,500 points above.

One hour chart analysis

On the one-hour chart, Bitcoin's short-term volatility is relatively large, and the price is running near the middle track of the Bollinger Band, showing a certain degree of volatility. The current price remains above 66,500 points and is expected to continue to test the upper pressure level.

Recommendations

Short-term operation strategy:

  1. Robust strategy:

    • If the price pulls back to around 64,500 points and gets support, you can consider gradually placing long orders, targeting the pressure level around 68,500 points.

    • Strictly set the stop loss below 64,000 points to control risks.

  2. Aggressive Strategy:

    • If the price rebounds to the 68,500 point line and cannot break through, you can consider short-term shorting with the target around 65,500 points.

    • Open long positions in batches around 65,500 points, with the target at 68,500 points, and set the stop loss below 65,000 points.

  3. risk control:

    • Make sure that each transaction has a strict stop loss level set to prevent unnecessary losses caused by sudden market fluctuations.

    • Maintain position management, avoid heavy positions, and respond flexibly to market changes.

Through professional and comprehensive analysis and detailed operational suggestions, we hope to help investors make more informed decisions in the current market environment.

#RAY #BONKUSDT #Blur #coti #UMA $BTC $BONK $RAY