Morning thoughts on July 9

Contrarian investing is the core of navigating the currency market cycle. Be greedy when pessimistic, be sober when frenzied, to escape the fate of retail investors and achieve a leap. Facing temptations, only by maintaining strategic determination and strictly executing trading discipline can one avoid risks and become the ultimate winner. Early this morning, I planned to go long, but the rebound strength of the market was weaker than expected. Prices still have a tendency to further decline in search of support. Therefore, I adjusted the strategy on the spot and went short first, waiting for a retracement to a suitable level before going long. We entered a short order at 63642 in our live account, exited at 61561 on the pullback, capturing over 2000 points. The current overall trend is different from last week's strong single-direction movement. It is now oscillating repeatedly, with pullbacks and rebounds alternating as the norm. Therefore, do not blindly go long or short; instead, adjust according to the real-time market pattern.

On the chart, daily candles have turned from consecutive bullish to bearish correction. Bitcoin dipped to touch the middle Bollinger Band and then stopped again, indicating strong support below. The battle between bulls and bears is intense, with prices overall in the middle-to-lower range. However, within the larger range, there is still room for oscillation and repair. After a pullback to accumulate strength, the opportunity for a rebound upward is still expected. On the daily level, upward momentum has weakened somewhat, but the pullback magnitude is within expectations. Therefore, we still define the current move as a pullback within a bullish trend. On the 4-hour level, it is still consolidating while correcting, and in the short term, it remains a back-and-forth tug-of-war. For future operations, we still adopt a strategy primarily of buying on dips. After a rally forms resistance, then consider shorting on bounces.

Trading suggestions:
Bitcoin: Go long near 61800-61300, target 63000.
Ethereum: Go long near 1720-1700, target 1780.