7.7 Tuesday evening


Bitcoin is now being heavily suppressed by the 50-day and 200-day moving averages, and the medium-term bearish pattern has not been broken at all. During the day, it surged to 64700, but was quickly knocked down, forming a long upper wick, indicating that the selling pressure above is unusually strong, and the bulls clearly lack momentum. Looking at the MACD, the red bars have been shrinking, the upward momentum is weakening, and it is highly likely to take a retracement and repair path tonight.
Suggestion:
Bitcoin: Short near 63600–64100
Target: near 61900-62300
Ethereum: Short near 1805-1845
Target: near 1720-1760

Anyway, I'm following the medium-term trend and not betting on a reversal. I'll wait for the pullback to complete before considering the next step. #BTC
$BTC
BTC-0.92%
ETH-1.25%
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0xCandleQuiet
· 11h ago
This upper shadow is making my scalp tingle; the short position really hasn't ended yet.
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PartiallyMeltedIceCream
· 12h ago
MACD red bars shortening + moving average resistance, indeed bearish bias tonight.
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OneMoreReorg
· 13h ago
Wait until the pullback is in place before looking again; chasing longs now is easy to get trapped.
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