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ChengFengGuidesYou

July 17, evening



The price began to fall from the July 16 peak at $65,588, posting consecutive bearish candles and breaking below the two key levels of $64,000 and $63,000. The prior rally structure was disrupted, and the market officially entered a pullback and decline phase. The current price is tightly ranging around 62,880. The rebound has small bullish candle bodies and insufficient momentum; in the short term, it is dominated by bears.

Recommendations
BTC: Open shorts around $63,400–$63,900
Target: $61,500–$62,400

ETH: Open shorts around 1,850–1,880
Target: 1,750–1,800
BTC1.21%
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FloorMeditator
· 07-17 11:19
This pullback is definitely fierce—after a streak of bearish candles, it broke below two key levels in succession. In the short term, the bears are in control. However, the rebound bullish candles have small bodies, which suggests the bulls are not strong. Following the strategy to short is fine—just watch your stop-loss.
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AirdropHuntLeader
· 07-17 09:53
Actually, after dropping from 65,588, the structure has already turned bad. Now the consolidation around 62,880 is just a continuation, and it’s likely to probe down toward around 61,000. But if you’re shorting, you can wait for a better entry: wait for a rebound to 63,400 before entering is safer, with a stop-loss placed above 64,000; the risk-reward ratio is good. The same goes for the “second cake” position: shorting around 1,850 is more prudent. Personally, I think this move will see at least 61,500; if that level breaks, it may go to 60,200.
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