$BTC July 13 — midday analysis by the boss

In the morning, price first tested 636 support, then saw a brief rebound that pushed up to 644 with a wick that enticed longs. The shorts then opened fire at full strength and kept dumping the order book, with the chart continuously refreshing new lows. The low reached 624, followed by a brief small rebound to 628. In line with the morning analysis, after breaking below the midline, a further pullback is expected to continue.

Technically, the situation has completely weakened: both the 1-hour and 4-hour charts have crashed. Price directly fell out of the lower band on the Bollinger Bands from the outside. The short-term downtrend has already been established. Going forward, the priority is to follow the trend, focusing on selling (short).

Although price has already touched the short-term support at 630, after overselling, a short-term rapid pullback rebound is very likely—make sure to set take-profit and stop-loss properly.

Resistance levels: 630-644
Support levels: 620-610