Midday Market Analysis $BTC 7.13

This morning, I remind everyone to be wary of the potential bull trap and price drop, analyzing the downside risk potential after a high price spike based on Bitcoin’s chart patterns. Ethereum (ETH) leads with a classic morning bull trap, breaking through the parallel peak of 1811 before jumping to the highest level of 1848. This lured buy positions in before quickly falling back to 1806, a drop of 42 points, which perfectly confirms my prediction. Although Bitcoin does not show a bull trap, its price is weakening. After testing the resistance at 64400, buyers lose momentum and continue to decline, reaching a low point of 63200, a drop of 1400 points. My prepared sell position was successfully closed, generating a profit of 600 points. $ETH

Looking at the hourly chart, the parallel peak resistance at 64700 for Bitcoin remains intact. Even though it was briefly broken, it still must be considered a bullish trap. The 63000-63300 range is a support zone that has been tested repeatedly. If this range breaks, the downside momentum will accelerate further, with the medium-term target still set at 61500. The external environment is also bearish, with escalating the US-Iran conflict and the upcoming CPI data release on Tuesday continuing to weigh on the market due to inflation expectations. Entering a long position at this stage carries high risk; it’s wiser to wait for a rebound and then take a short position to follow the trend.

Monday Afternoon Trading Strategy:

Bitcoin: Short around 63800-64300, target 62800
Ethereum: Short around 1810-1830, target 1770
$BTC ‌$ETH ‌