On Friday, July 11, after a continuous strong rise, Bitcoin has now entered a correction phase. Although the strong rise of short-term long positions has somewhat halted, it is worth noting that in the current Bitcoin futures market, short positions account for 42% of the open contracts, mostly concentrated below the defensive level of 115,000. If the price continues to hold above the 117,000 mark, it may trigger a new round of short position closing amounting to 500 million dollars, further strengthening the pump momentum.

From the technical chart analysis, Bitcoin's current rise has solid technical support. On the 4-hour chart, the continuous rise has allowed the Bitcoin price to break out of the symmetrical triangle pattern decisively. This has led to almost all key indicators showing strong bullish signals in the short time frame, and the daily chart also presents many positive signals. Bitcoin has broken free from the descending bearish channel that has suppressed prices since the May high and seems to be forming a bullish support line, referencing the April pullback low and the June end low. If this bullish support line is confirmed as effective, Bitcoin may oscillate near this support line, maintaining bullish momentum, making the 110,000 level a strong support point. Meanwhile, the RSI shows healthy momentum and has not reached the overbought area above 70, indicating strong buying pressure and further upward space. Additionally, Bitcoin is firmly above the 50-period and 200-period exponential moving averages (EMA) across multiple time frames, and the widening gap between these moving averages (i.e., moving average divergence) typically indicates a strong trend state and acts as dynamic support during pullbacks. The synergy of technical breakthroughs, institutional capital flow, and a favorable macro environment are important factors contributing to this strong rise. However, it is worth noting that despite Bitcoin being supported by both technical and fundamental factors, the upward trend still has a significant chance of continuation, but market uncertainty always exists. As Bitcoin refreshes its historical highs, care must also be taken to beware of profit-taking sell-offs leading to price corrections. Therefore, in terms of operations, it is advisable to patiently wait for pullback adjustment opportunities to enter long positions.
Friday early morning Bitcoin short-term strategy, pullback near 107000 to long positions, target around the 120000 mark. Ethereum pullback to the 2900-2950 area to long positions, short-term target first looks at the 3130-3150 area, swing target 3250-3300. #BTC再创新高# #ETH突破3000#