7.13 Morning Thoughts

Good morning everyone. Over the weekend, the overall market has been consolidating and readjusting with continued choppiness. Driven by geopolitical tensions in the Middle East, crude oil’s movement has affected the market. This morning, the price quickly broke through the 64,000 level. The downward momentum is still continuing.

From the 4-hour chart, after the previous back-and-forth tug-of-war and consolidation, the market has now printed a large bearish candle that breaks through the Bollinger middle band. Under the impact of news, the short-term downside pressure has strengthened. In recent times, the market’s reaction strength to geopolitical news has been gradually weakening, and overall market liquidity remains weak. The higher-timeframe structure still favors an upward range. After this correction is finished, the mid- to long-term direction is still likely to be bullish.

On the hourly timeframe, we already have three consecutive red candles. The price has moved down to the vicinity of the Bollinger lower band, and short-term bearish sentiment is at its peak. Crude oil’s rally has further accelerated the market’s downside. The Bollinger Bands’ opening has continued to widen downward, so in the short term, we should treat it as moving along the pullback trend.

BTC bearish entry around 64,700-65,200, target toward 63,200-62,700
ETH bearish entry around 1,850-1,890, target toward 1,790-1,760
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