7.16🫓 Just a couple of quick words in the morning~

This price is now getting stuck at the high level, repeatedly ranging. Indicators on the smaller timeframes have already shown a slight bearish divergence at the top. The momentum for the rise is clearly getting weaker, and there’s also no sign of incremental capital coming in to take over.

Although liquidity in the Asia and Europe sessions has slowly come back a bit, the market is full of people watching from the sidelines. On top of that, holders who are already in profit are rushing to take profits, which is why the price can’t break higher. Right now, the risk of a pullback is far greater than the upside space for chasing a rally. At these highs, don’t get carried away and chase!

This kind of stagnation is basically the tail end of this run-up. Any rebound is an opportunity for us to look for short setups in line with the downtrend. After that, the odds of a choppy-to-lower move are very high.

Trading plan reference:

Set up short positions on the rebound in the 65,000-65,500 range. The first target to watch is 64,100-64,500. If support breaks down directly, then we’ll look further to 63,700. #比特币