7.20 Achen big pancake afternoon analysis

After the short-term market formed a bottoming rebound, it gradually weakened. During the session, the low was probed down to the 63,736 level. After rebounding and pushing up to the 64,300 range, the upward momentum quickly decayed. Currently, the price has fallen to around 64,200 and is trading in a narrow range consolidation. The day’s overall fluctuation is only 0.06%, and trading activity is relatively low.
In the short term, the moving averages have shifted from rising to flattening, and the strength of the upward support has clearly weakened. In the right-side order book, the buy limit orders placed below the price are slightly more than the sell limit orders above, so the long/short order ratio is modestly tilted toward the bulls. However, the support at the low levels is insufficient to sustain a further push higher. Around 64,300, the prior minor highs have strong suppression; after failing to break higher, the market has entered a sideways grind phase. In the short term, it is unlikely to form a coherent upward trend. The market is likely to keep oscillating back and forth within the 64,000–64,300 range. For the short term, it is not advisable to chase and add positions for a bullish bet. Focus on the 64,000 support level; if that support breaks, the market will likely see a larger pullback. #比特