7.17 evening market outlook

There is still room for downside in the US session!

Yesterday morning, BTC’s high around the 65,000 area was rejected and it started to fall. As of the US session, the low dropped to around 63,800. After that, the bulls launched a rebound. In the early morning, the price’s high again touched the 64,900 area and was rejected, then it fell again. Throughout the night, price action has been driven lower by the bears. Currently, BTC has already fallen to the 62,900 area.

From a technical perspective, today we need to see whether the daily candle selloff can continue to break the low to confirm the trend. After a big drop, there may be some rebound. But in any case, we should be short first: a strong rebound means consolidation, while a weak rebound means weakness. So when the low-break happens is crucial. During the daytime, first identify an entry point to short. In terms of execution, follow the trend and place short orders accordingly.

Trade ideas

BTC: Short around 63,300, target 61,900
ETH: Short around 1,860-1,880, target 1,780#BTC