7.17 early morning thoughts

Over the past hour, the overall rebound stabilized: in this round of market movement, it first dipped to the 61,800 area, then started a continuous rebound. In the early morning, the initial strong push kept gaining momentum and continued to rise. The highest push surged to 65,588, setting a new high for this round of rebound.

After reaching the high, the upward momentum from the strong push quickly weakened. Profit-taking funds concentrated out of the market and sold off, bringing a sharp pullback. It slid back all the way to around 64,000 before buy-side support appeared. The current quote is 64,400, which is already down by more than 1,000 points compared with the recent high point.

We are currently testing the effectiveness of the 64,000 support level: if this support can hold, there is still the possibility of another push higher later on. Once this support zone is broken effectively, the downside room for this round of pullback will be further opened.

For BTC rebound, watch the 65,100–65,600 area, roughly; the target is around 63,700–63,200.
For ETH rebound, watch the 1,900–1,940 area, roughly; the target is around 1,840–1,800.
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