July 8 Qian Cheng Midday Bitcoin & Ethereum Analysis

Reviewing the early session, the overall trend showed oscillating declines. Bitcoin rallied to an intraday high near 64234 in early trading, but then encountered bearish pressure, causing prices to oscillate and fall back. As of 13:27 midday, the price has dropped to around 62704, a daily decline of 0.56%. The price has now given back most of the early gains and touched the intraday low near 62466.
From the 15-minute chart, the candlesticks show a clear stepwise decline pattern of "lower highs and lower lows." After the early surge to 64234, multiple bearish candles formed in succession, indicating strong overhead selling pressure. Although there are slight signs of stabilization in the 62600-62700 area, the rebound strength is weak, representing a weak consolidation.
Short-term resistance is focused on the 63200-63500 area. If this range is reclaimed with volume, there is hope to reverse the short-term weakness; stronger resistance is near the early high of 64200.
The key intraday support is near 62466. If this level is broken effectively, the price may further decline to the 62000 round number for support.
Midday market is in a weak consolidation phase after the decline, with long and short sides temporarily reaching a balance in the 62500-62800 range.
Midday operation reference:
Bitcoin: If there is a pullback near current price to the 63100-63400 range, continue to set short positions, with the primary target at 62000, and if broken effectively, further down to 60500.
Ethereum: Short on rebound in the 1775-1790 range, first target at 1720, hold if broken to around 1680. $BTC $ETH