10x Research: BTC pullback to $111,673 may be the best entry point, and breaking through and stabilizing $120,000 is also a good buying opportunity
PANews July 28 news, 10x Research founder Markus Thielen said that traders face the choice of whether to enter the market immediately or wait for a better pullback opportunity. He suggested paying attention to Bitcoin's pullback to the previous resistance-turned-support level, which is $111,673 below the May high, which may become a more ideal risk-reward entry point. The risk-reward ratio usually requires at least 1:2, so entering the market near the key support level is more advantageous.
Thielen pointed out that the market usually retests the breakout point before a sharp rise, so the possibility of Bitcoin's pullback to $111,673 cannot be ruled out. However, if Bitcoin does not experience a significant pullback, breaking through $120,000 and continuing to rise may also become an opportunity to re-enter the market. He emphasized that if the price breaks through the descending trend line connecting the July 14 and July 23 highs and stabilizes above $120,000, you can consider following the trend, but you need to set a tighter stop loss.
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