7.8 Thursday ⃣ Midday



As expected, there was a rebound at 9:00 AM this morning, which lured some retail traders who thought it was a reversal signal into chasing longs. This rebound seemed fierce and swift, but it fizzled out within a minute, and the subsequent trend fell further to around 61,600.

Currently, the market shows a brief upward trend, but the momentum is clearly weak. If the high reaches around 63,000 in the afternoon, it will confirm a double-top breakdown, triggering new selling pressure. The target will be directly at 61,000.

Suggestions:
BTC: Short near 62,900-63,000
Target: 61,200-61,600
ETH: Short near 1,760-1,780
Target: 1,690-1,710
#btc$btc
ETH2.62%
BTC1.68%
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AuroraSnowyWildernessSolitary
· 07-09 07:49
Wait for confirmation of the breakout before following; chasing shorts now is easy to get whipsawed. Protecting your principal comes first.
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TheWindBeneathTheCyberBridge
· 07-09 06:57
I’ve been watching the 63000 level for a long time. If it dares to move up, I’ll liquidate the position—my target is 61000.
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NeonMargin
· 07-09 06:53
That false breakout this morning really did trick a lot of people into getting in. If the M-top truly forms, the subsequent selling pressure will be more than enough to put everyone through the wringer.
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DrinkWaterBeforeTheMarket
· 07-09 06:50
After talking for a minute, it wilted—this liquidity is really something… the ETH short order at 1780 has been placed.
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