Trend Analysis by Master Chen:

BTC 1-hour chart:

After the rise, Bitcoin entered a consolidation phase, forming a triangular convergence pattern.

As the positive news has already been reflected in the price, we are currently waiting for new capital inflows or new catalysts for an upward movement.

Due to the resistance above, in order to absorb the selling pressure, the price of the coin may fluctuate up and down to accumulate chips. Therefore, please consider risk management before trading.

Resistance Reference:

First Resistance: 64800

Second Resistance: 65800

Until the price breaks through the first resistance, this will be a range where new highs cannot be reached, and temporary pullbacks may occur at the first and second resistance levels.

If there is a pullback when the price retests the first and second resistance levels, it can be considered as an entry opportunity.

At the same time, if the price can stay above the 120-day moving average, then the rebound view can be maintained.

Support Reference:

First Support: 63500

Second Support: 62800

Since the price has rebounded at the first support, as long as it stays above the first support after a pullback, it can be considered as a pullback range, and trading opportunities for rebounds can be sought.

At the current time, instead of waiting for the price to return to the first support, it is better to observe whether 64K can hold and use pullback buying as a trading strategy.

Today's Trading Suggestions:

Maintain a short-term pullback bullish view and enter the market at low levels.

Due to the current low volatility, it is necessary to grasp the range of volatility for entry and look for sufficient pullback opportunities.

Today's trading focus is on the trend of the first support and the 120-day moving average, and short-term operations can be conducted on the small-scale trend chart.

7.19 Master Chen's Short-term Pending Orders:

Long Entry Reference: 62400-62800 range, phased long entry, defend 500 points, target 63500-64800

Short Entry Reference: 64800-65200 range, phased short entry, defend 500 points, target 63500-62800

This article is exclusively planned and published by Master Chen (WeChat Official Account: 币神师爷陈). If you need to learn more about real-time investment strategies, how to get out of a predicament, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication. I hope it can help you find what you want in the cryptocurrency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% going with the trend; daily updates on macro analysis articles across the web, technical analysis of mainstream coins and altcoins, and spot mid- to long-term replay price prediction videos.

Friendly reminder: Only the official WeChat account (as shown in the image above) is written by Master Chen. The end of the article and other advertisements in the comments section are not related to the author. Please be cautious in distinguishing between true and false. Thank you for reading.

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