7.16 Midday BTC analysis

On the 15-minute timeframe, after a quick rebound from the low at 64,392, price hit a resistance area but then lacked upward momentum. After pushing higher, it came under pressure and entered a range-bound consolidation. The prior high at 65,600 has formed a strong long- and mid-term resistance. This rebound is a technical correction after a decline and has not changed the adjustment pattern of progressively lower highs. On the chart, the rebound’s trading volume continues to shrink; the bulls lack sustained momentum to press. When the candlestick reached the resistance band, the rise stalled, and there is likely profit-taking demand in the short term. If the midday market cannot break through the overhead resistance zone with increased volume, the rebound is highly likely to be over, and price will likely return to a downward, under-pressure rhythm. The trading approach is to look for short positions in line with the pressure zone. Below, pay close attention to the support at the 64,392 stage low; once it is decisively broken, fresh downside room will open up.
Analysis: Go short around 64,650-64,900. First target 64,300, second target 64,000. Defense: 65,250
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