Market View

Bitcoin has entered convergence again.

After reaching the critical level of 117200, Bitcoin experienced a rebound but was suppressed by the MA100. Currently, it is seeing a narrow fluctuation between 117200 and 118500 over the weekend, while a larger triangular convergence is occurring, indicating that the market has entered a stage of directional choice.

If it breaks down here, it is highly likely to reach the FVG at 115200, and then move up again. It is important to note that the CME gaps in a trending market are unlikely to be filled immediately. (They may not be filled until August.)

The short-term target for an upward breakout is the previous high of 123200.

I believe the probability of going up is higher. Reasons: 1. The continuation of an upward relay generally leads to further increases. 2. The moving averages are in a bullish arrangement. 3. The POC has not yet been broken.

In case we break down, we can continue to try long at 1152000.

Closed the position on ENA. Continue to hold most of the positions.