BTC Market Analysis on July 29, 2024
As the Bitcoin trading week is about to end this week, the market shows positive signs. On the weekly chart, a distinct "golden needle bottoming" pattern is clearly revealed, which has built a solid support foundation for the price near $64,000. At present, on the daily level, the price of Bitcoin is still firmly in a bullish trend, showing the continued existence of market buying power. It is worth noting that although the price remains upward, there is a faint signal of top divergence between the daily K-line and the MACD indicator, which reminds us to be vigilant about the possible high and low prices in the short term, and then seek support from below again.
Turning to short-term analysis, on the four-hour chart, although Bitcoin remains in the rising channel, the gradual closing of the Bollinger Bands (BOLL) indicates a subtle change in the long and short forces within the market. Although the bulls still dominate, their momentum seems to have weakened. In this context, the short-term support level can focus on the vicinity of $67,700, which may become an important reference point for short-term price fluctuations.
Further refinement to the one-hour chart, a recent rapid upward surge just verified our initial judgment on the daily level trend, that is, although the market has upward potential, we need to be vigilant about potential callback risks.
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In summary, for Bitcoin's intraday and subsequent operation strategies, we tend to adopt a steady callback long strategy. Specifically, it is recommended to arrange long orders when the price callbacks to the range of 67,000-67,500 US dollars, and set a stop loss protection of 500 points to avoid unnecessary risks. As for the profit target, it can be initially set at more than 800-1000 points, and the specific needs need to be flexibly adjusted according to the actual market trend.
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Pre-buried order suggestions:
Buying range: 67000-67500 US dollars
Stop loss setting: 500 points
Profit target: 800-1000 points or more
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