7.14 Tuesday morning BTC outlook: range intact; add longs at lower levels first

Overnight BTC did not disappoint—it dipped to 618 at the lowest. Yesterday I told you to short once it was above 640, targeting 615; basically it was an accurate take from the start to the end. Intraday, I also repeatedly reminded that the swing was bearish, and fellow traders got to take big bites.

As of now, on the smaller timeframes the overall situation is still in a range pattern. Despite fierce competition between bulls and bears, there hasn’t been a breakout. The current overhead resistance is concentrated at 645, with support at 613. As long as neither of these holds is broken, it will be hard to trade in a single direction—the market will continue to move within the range.

Morning reference: go long first around 620 to 615. Target upside: the 635–645 area. If it rises there but doesn’t continue, reverse into a short.