7.10 Friday BTC Morning Thoughts

As of July 10, Bitcoin is currently trading in the range of 62,900–63,370, showing a bottom-fishing rebound over the past 24 hours. The intraday range is 61,636–63,448, with a daily gain of about 1.8%. After yesterday's pullback, a technical repair rally has emerged, and the coin's anti-decline attribute continues to lead the mainstream market.

From a technical perspective, Bitcoin has reclaimed the short-term moving averages on the daily chart. On the 4-hour chart, the MACD has formed a golden cross at the lower levels, and the RSI has recovered to around the neutral 50 level. The downward momentum has largely been exhausted, and the Bollinger Bands are moving from the middle and lower bands toward the middle band, forming a bottoming and repair pattern. The first key resistance above is locked at 63,700–63,900, which is the dense chip zone for this rebound and the short-term bull-bear watershed. Without a high-volume breakout, the rebound space is limited. The second resistance is at the 65,300 line, corresponding to the upper edge of the previous consolidation range. The short-term core defense support is at 61,900–62,000, which is the starting support zone for this rally and also the dynamic support of the 50-day moving average. The ultimate strong support below is the 60,600 integer level. If it is effectively broken, this rebound rally will be declared over.

Trading suggestion: short at 639–643, target 630, if broken, see 620.$BTC $ETH $LTC