7.17 Chen Jie Big Pancake Evening Analysis

Evening data shows that capital outflows have narrowed significantly to -$258 million, and short-sellers’ efforts to dump the market can clearly exhibit signs of exhaustion. Particularly crucial is that the order book buy-sell imbalance surged to +81.72%, which is in stark contrast to the explosive growth seen in the daytime. This indicates that long traders’ willingness to place buy orders and support prices at low levels is extremely strong, and that major funds are building defenses in large scale at low positions, laying a solid capital foundation for an evening rebound.

Currently, the Big Pancake price is trading near 63,089. From the 4-hour timeframe, after the coin price retested today’s low of 62,611, it stabilized and rebounded, successfully leaving a long lower wick. Although the short-term candlesticks are still under pressure below the MA7 (63,768) and MA30 (63,808), the overall long structure formed by lifting the major-level low since 57,758 has not been broken. This sharp drop is more likely intended to thoroughly flush out malicious bull-leverage traps at high levels. The evening trading approach should be firm: go with the trend and buy on dips.

Trading Strategy
Go long around 62,500-63,100; aim for 63,800-64,300-64,800; buy on dips at 61,800 #btc $BTC