7.20 Chen Jie big-bread midday analysis

Data shows that the current BTC net inflow is -$70.88 million, and in the short term it presents selling pressure being discharged. But the core key is that the order book bid-ask ratio remains against the trend at +47.06%, which means that even after a big drop, there is still a large number of long orders defensively resting below. Main funds show a clear willingness to pick up on the low side of the left-hand range, providing capital support to help the price stabilize and stop falling.

At present, the BTC price is trading around 63,903. On the 4-hour level, the midday candles suddenly saw a surge in volume and a sharp drop, continuously breaking through the MA7 (64,513) and MA30 (64,275) lines, and the short term has shifted into a relatively weak correction trend. However, after the coin price touched the intraday low of 63,760, the downtrend temporarily eased; this area is the dense swap/turnover support zone from the earlier phase. This high-volume selloff has the characteristics of a bear trap that clears long leverage, and the rebound structure at higher timeframes has not been fundamentally damaged. Do not blindly chase shorts in the midday; it’s advised to follow the trend and do staged long positions on pullbacks relying on the lower core support band.

Trading strategy
Go long around 63,300-63,900, targeting 64,600-65,100-65,600, with the take-profit at 62,700 #btc $BTC