7.17 Midday Thoughts

Yesterday, the large pie (BTC) fell from the grease point at 65,000, moving downward all the way to a low of 63,500—its single-day cumulative decline exceeded 1,500 points.
Currently, it is ranging and chopping sideways around 63,500, grinding sideways. The sell-off pace has temporarily slowed, but the buy-wall at the lower levels is seriously lacking in staying power; there is absolutely no sign of effective rebound-up momentum.

At this stage, this sideways consolidation is only a brief pause during the sell-off. Most likely, it will use a small rebound to complete a pullback and build up energy; after the consolidation ends, there is still a possibility of continuing to probe lower.

Large pie rebound near 64,300–64,800, with the target looking at 62,900–62,400.
Second pie rebound near 1,880–1,920, with the target looking at 1,820–1,780.
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