7.1 Big Pancake Early Morning Analysis

The 15-minute cycle breaks out of a clear downward channel. The phase highs 60770 and 60660 continue to fall. Each round of rebounds fails to break the previous high. The bearish BOS (break of structure) has fully broken the level, and the overall market is moving weakly in a single direction.

In terms of volume, during the decline there is increased volume (active selling/active liquidation), while during the rebound the candlestick bodies are very small and trading volume contracts. This indicates that the market’s bottom-fishing interest is insufficient. It is a weak rebound and more likely a continuation in the middle of the downtrend.

It is recommended to take a short-selling approach on short-term rebounds. Go short around 59500-60200. The first target is 57500. If it drops below, look to 55000$BTC $GT