7.13 BTC mid-day analysis


BTC surged in the morning to 644, then began a rapid drop. It hit a low of 625 to complete this round of selling pressure. After the sharp selloff, it entered a period of sideways consolidation and repair at a low level.
Current price is around 629. Near-term support is anchored at 626, and the first resistance overhead is 633. The rebound after the drop is an oversold recovery, and it has not completed a trend reversal. Heavy resistance at higher levels still leaves room for downside.
Mid-day trading ideas
If it rebounds to the 633-635 range, look to set up short positions
First mid-day target: watch for a drop to 620
If it breaks through, then look for 612
$GT $BTC
GT-1.18%
BTC-1.90%
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