7.18 Saturday ️⃣ early morning

Down from that 65,588 point, this leg lower has been very smooth—almost as if it’s been pressed down all the way along the short-term moving averages. The daily chart has consecutive bearish candles, and the “box-head” pattern has no real dispute anymore. Every small rebound has been on declining volume; the “head” funds can’t take over at all. The sell-pressure wall above is also continuously moving lower, indicating market confidence is very weak.

On the 4-hour timeframe, the MACD bearish crossover is still widening/expanding, and there’s no sign that the “box-head” energy is exhausting. At this position, it’s moving sideways now, which looks more like a pause/rest in a downward continuation rather than bottoming. If you’re trying to catch a bottom with a rebound, I advise you to stay calm—entering here can easily get you trapped around the middle of the slope.

Suggestions:
BTC: Rebound into the 64,100-64,600 area to keep shorting,
First target: watch 62,700-62,200.

ETH: Rebound into the 1,860-1,900 area to keep shorting,
Target: first look at 1,800-1,760.
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