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July 16, early morning
BTC’s 1-hour chart broke out into a strong acceleration on the way up. Since starting its rebound from the 61,283 low on July 14, during the night BTC bulls pushed harder and approached, and pushed the price through the 63,000, 64,000, and 65,000 three major integer levels in succession; it reached a high of 65,588. The maximum rise within the range exceeded 4,300 points. As of the current quote 65,085, after the rally the price has moved into a narrow consolidation above 65,000.
Technically, during the rally phase the bullish candle bodies are full, and the pullback is extremely shallow—short-term BTC bull power is absolutely dominant. The rally also left an upper wick; in the 65,500-66,600 area there is short-term sell pressure, and the price is far above the hourly moving averages, with an elevated deviation rate—there is a need for a technical pullback and repair. $BTC #BTC $ETH
Suggestions
BTC: go short/seek sell positions around 65,400-65,900
Targets: 63,900-64,600
ETH: go short/seek sell positions around 1,940-1,970
Targets: 1,830-1,880