⭕Midday Market Commentary, July 14.⭕

$BTC Commentary: At present, both Bitcoin’s highest and lowest points are falling, clearly showing a downtrend on the hourly chart. For this downtrend to continue, the price must break through the support level 61266. Only a breakout below 61266 will cause a bigger decline; otherwise, the drop will be limited. After breaking through support 63620, Bitcoin experienced a natural rebound, trying again to move above 63620, but failed (as shown by the yellow arrows). Then, the price tested the previous low point twice (as shown by the yellow arrows), but both tests failed to hold, forming a new low. After reaching the new low point, a natural rebound occurred, but this rebound did not even exceed the first rebound high point (shown by the yellow arrow). Next, another test of the previous low level occurred, but it failed to hold, resulting in a new low level at 61802. The red arrow below shows that both tests at 61802 held. We will see whether a double bottom forms at this level. For a double bottom to form, the price must break through and hold above the resistance level 62550. If not, the pattern is invalid. The W-bottom pattern has already formed inside the triangle (circled in red), and the neckline has been broken, confirming a small W-bottom pattern. Now we will see whether these two bullish patterns can drive a rebound in Bitcoin. A breakout above 62550 is required to continue the rebound and challenge resistance at 63620. Only if the move above 63620 creates a higher high will this decline end and the rebound continue. If it still can’t even break 62550, the price can only consolidate around the triangle for now. After the triangle is broken, the move toward 61266 will happen immediately.

Bitcoin broke through the 62550 level with significant volume, indicating a buy setup (long position). A drop to 63620 will present a half-position short with a stop-loss at the previous high level.

If Bitcoin breaks through and holds above 62550 on the hourly chart, the upside target is 63620-64700. Failure to break above 62550 is not enough.

If Bitcoin breaks below 61955 on the 4-hour chart, the downside target is 61271-60093.

Resistance levels: 62550-63620-64700
Support levels: 61905-61271-60093

ETH Strategy: Bitcoin broke through the 1789 level with significant volume, indicating a buy setup (long position). A stop-loss should be placed if the price drops back to 1776 with significant volume.

If the price breaks below 1724, a sell setup (short position) should be placed with a stop-loss.

If the price returns to 1724 and confirms support, a buy setup (long position) can be placed.

A stop-loss must be placed if the price breaks below 1700.

If Bitcoin holds above 1789 on the hourly chart, the upside target is 1809-1833.

Watch the sell setup (short position) at 1845, with a stop-loss at 1886.

Left-side buy order: 1661, stop-loss at 1635.

Top-side resistance: 1789-1809-1833
Bottom-side support: 1752-1720-1687

On the 4-hour chart, a breakout below 1752 will target 1720-1687. Bitcoin has tried to re-enter the price channel twice after breaking below it, but both attempts failed as false breakouts; the closing price is not within the channel, as shown by the white arrow above. It has now broken below the channel again and is testing support at 1773. If 1773 fails, 1727 will follow. A breakout below 1727 will extend the decline.

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