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Wednesday Morning Share 7.23
Last night, after a sharp drop, Bitcoin quickly rebounded, briefly breaking through 120000 to 120400, but this morning it failed to maintain the upward momentum and began to pull back.
The 1-hour K-line shows that the coin price has reached the upper Bollinger Band and is under pressure, currently declining below the upper band, with a downward trend. The MACD lines have peaked and are retracing, indicating weakened bullish momentum; the KDJ three lines have crossed downwards, indicating a bearish trend, and overall showing a retracement pattern.
Operation Suggestions
The main focus is on the large pancake at 119500-120000, aiming for 117000. If it breaks through, we can further look towards 115000; if this range holds, we can consider going the other way.