7.17 early morning MU market analysis Poem’s perspective

We are currently in an ongoing downtrend after a “high platform plunge,” with the bulls having no power to fight back.
Upper resistance: 900. The support level that was previously broken has now turned into a stumbling block for the rebound.
Lower support: 847. Right now, 849 is right on the edge of this cliff.
Trend interpretation: After the big bearish candle dumped the market, there was no decent rebound. This weak resistance is likely a “downtrend continuation.” Once 847 is broken, the space below is huge.

Advice
Key point: Don’t catch falling knives—there might be a basement under the floor!

1. Long positions trapped: Never stubbornly hold or blindly average down. If the price rebounds to around 880-900, it’s recommended to cut down and set a stop loss first. If there is a valid breakdown below 847, you must exit to prevent getting stuck in a deep loss.
2. Holding short positions: The trend is downward—hold steady. You can take profit in batches around 850, and set the remaining position to break even for a chance to get even lower.
3. Trying to bottom-fish: Hold your horses! This is not the bottom. Wait for it to range and stabilize around 850 before considering.

One-sentence summary: Weakness probing the bottom—watch more, move less, and never try to guess the bottom. $BTC $MU