Song Xiqing: Bullish for July? One more hurdle for the longs—62k Kongs are already set, waiting for a bull-market signal.

The 58k Dongdan has been fully taken profit and exited at 62k.

At the moment, the price is ranging narrowly around 62k. The short-term direction is unclear, but the mid-term view stays the same: overall bullish for July. Still, before the upward move starts, it will likely first go through a deep pullback.

The reason is that the 58k support has been effectively broken. The nearest reliable defense level below is 55k. Once that level is lost, market sentiment may deteriorate faster, with further probing toward the 50k integer level, and even a wick down to 49k. The main purpose of this move is to flush out the remaining long floating positions, clearing obstacles for the subsequent trend move.

Based on this judgment, around 62k I will try a position on Kongs with a small size, and I will set a strict stop-loss to guard against a strong breakout. If the price directly surges upward, I will wait until around 64k to consider a second entry for Kongs. If the pullback comes as expected, after a stabilization signal appears, I will gradually shift my thinking based on the order-book conditions. At this stage, I believe the risk-reward for Kongs is better.
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