July 17, early morning

BTC 1-hour cycle market recap: Before this leg of the move, price dipped to the 61,800.5 range, then showed a sustained strong uptrend. In the early morning, long positions’ momentum released continuously, pushing up to 65,588 and setting a new high for this rebound. Afterwards, the long momentum gradually weakened, and market sell pressure gathered and surged. The bears then opened a sharp layering drop, and the price kept pulling back, revisiting around 64,000 before buyback strength appeared. Current quote is 64,400. There is still more than a thousand-point distance from the stage pullback point.
At the moment, the market is testing whether support is valid. If the 64,000 support holds, there may still be an opportunity for another push higher later; if the support is effectively broken down through that range, the downside room for this pullback will be further expanded. #BTC
Recommendation
BTC: Consider shorting near 65,000-65,500
Target: around 63,200-64,000
ETH: Consider shorting near 1,900-1,930
Target: around 1,800-1,840