0814 Bitcoin hit a new all-time high, once again experiencing a deep pullback, fearing a dip to confirm support at 117000 dollars.

0814 Bitcoin Market Report ✅✅

Bitcoin is showing a trend of high volatility after breaking through historical highs, facing a pullback pressure in the overbought area of $124,000 in the short term. Bitcoin previously encountered quick declines during its two attempts to break through $122,000—on July 14, it broke $123,000, and on Monday it reached $122,300, but the prices encountered sell-offs during the day, falling back below $120,000.

The current short-term support level has moved up to $122,500 and down to $119,800 (a double support formed by the 50-period SMA)). If it stabilizes above $124,000, it may trigger a technical acceleration upward; if it falls below $122,500, a short-term correction may unfold, with the need to accumulate trading volume, fluctuating around the $121,000 support level, which has been determined to be valid support. Technically, the price has formed a "head and shoulders bottom" pattern in the $117,500-$124,000 range. If it breaks below the boundary at $119,500, it may restart the downward trend, testing the validity of the support in the $117,500-$118,000 area, or it may accelerate down to the $115,000 watershed. Conversely, if it breaks above $124,000, the measured target for the breakout points directly to $132,000 (Fibonacci 161.8% extension) or $135,000. Also, if the weekly close stabilizes above $123,000 this week, it may initiate a new upward cycle. Summary: The short-term direction depends on the stability of the resistance level at $123,500, while also being wary of the pullback pressure from the short-term overbought area at $124,000. It is recommended to prioritize attention to the breakout signals in the $121,000-$124,000 range, and follow the trend after a valid breakout.

💖💖Operational advice: Aggressive strategy: 1. Chase long after breaking through 123,500 dollars, target 131,000 dollars; 2. If it drops below 119,500 dollars, lightly short around the rebound at 121,000 dollars, with a stop loss set at 121,800 dollars, target 117,500 dollars; Conservative strategy: 3. If the price continues to stabilize above 120,500 dollars and breaks through 122,000 dollars, lightly long, target 124,000-125,000 dollars, with a stop loss set slightly below 119,000 dollars.

Special reminder: This article is for readers' reference only and should not be used as an investment basis!!!

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