7.17 Chen Jie Big Cake Midday Analysis

Net capital outflows have sharply widened to -$504 million. Bear short-term sentiment has been concentrated and vented, and sell pressure across the board has increased significantly. However, the C/B ratio is still at +20.27%, indicating that after the sharp drop, there are still buy orders posted defensively and passively absorbing near the lows; the main players have not completely given up their resistance.

At present, the Big Cake price is trading around 62,808. On the 4-hour timeframe, the candlestick chart shows expanding volume and has broken below both MA7 (63,925) and MA30 (63,838), so the short-term trend has shifted into weakness. But the current price has already reached the previous dense turnover support zone (the lowest probe was 62,655), placing it extremely close to the prior key low of 61,806. As long as the broader uptrend on a higher timeframe has not been completely broken, this round of deep pullback is highly cleansing, with characteristics of liquidating long leverage and luring shorts (“bear trap” behavior). During the midday session, do not blindly chase shorts or cut losses. It is recommended to place long positions in batches, relying on the strong support zone below.

Trading Strategy
Go long near 61,800–62,600; look at 63,200–63,700–64,200; “snatch” / pick up near 61,100 #btc $BTC