7.17 Afternoon Market Observation

At present, the market has surged and then pulled back, leaving downside room. Support around 61,900 is relatively strong. After this zone stabilizes, a rebound is likely. This pullback mainly absorbs the previously overheated market; several technical indicators have returned to a stable range. The mid-term trend has sufficient support, and the long-term backdrop of macro easing is propping up the market.

The long-to-medium-term upward channel remains intact. This pullback has just touched the midpoint of the channel. During the downward move, trading has tightened, and no large amount of capital is exiting. In the short term, it repeatedly stops the fall by relying on moving averages; there is ample buy-side support below. After the consolidation is complete, it is expected to test the overhead resistance again at 63,800 and 65,500.

Reference ranges:

BTC 64,000-63,200 short (箜), defend above 64,800, target 62,500-61,900; go long 61,900-62,500, defend below 61,500, target 63,200-64,000.

ETH 1,870-1,845 short (箜), defend above 1,890, target 1,790-1,760; go long 1,760-1,790, defend below 1,730, target 1,835-1,860.

Warm reminder: This is only communication about market走势. The market can fluctuate significantly. View the trend rationally and do your own risk management.
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