Morning analysis on 7.25

Last night, Bitcoin followed the US stock market, initially declining before rising. It rebounded from a low of 117,790 to 119,435 but faced resistance afterward, currently maintaining a range of 118,000 to 119,500. The previous support area at 117,000 remains effective, while there is significant selling pressure in the 119,000 to 120,000 range, indicating that the market is still in a wide-ranging fluctuation pattern.

Technical Analysis:
1. Daily level: The K-line has not shown a breakout signal, and the short-term pullback risk is manageable, with ongoing long-short competition; the mid-band of the Bollinger Bands is stable and the channel is expanding, indicating that volatility may increase.
2. Key Position:
Bullish breakout: If the upper resistance of 120,000 is effectively broken, it is expected to open up a range of 122,000 to 125,000;
Downside risk: If it continues to be under pressure below 120,000, one should be wary of a pullback to the support at 117,000, and if that fails, it may drop to 115,000.
3. Bullish momentum: The gradual rise of the lows indicates that there is still room for buying pressure.

Operational Strategy: The current wide-ranging volatile market is suitable for high short and low long.
- Near the 120,000 resistance level, take a small short position with a stop loss set above 121,000;
- Fall back to the support zone of 117,000-117,500 to test long with a light position, set the stop loss below 116,000. #Gate ETH十周年回馈#