7.20 Morning/Afternoon Market Analysis

Judging from the price action on the board, after this asset previously surged to a high of 1891.2, it continued to face pressure and drift downward. In the middle, it dipped to a low of 1841.84 before showing a small rebound. Currently, the price stays around 1858, with a narrow trading range. The day’s overall volatility is only 0.24%.
All moving average indicators have turned downward in sync. Overall upward support has already disappeared, and the market is generally in a weak state. In the order book, the sell limit orders above are clearly larger; the long/short order ratio is skewed toward the bears, and resistance to price probing upward is strong. The prior high at 1891 forms strong overhead suppression; the rebound lacks enough follow-through. In the short term, it is unlikely to reverse the overall weak rhythm. The market will most likely continue ranging and consolidating between 1850 and 1870. It is not suitable to chase a bullish view in the short term. Focus on the 1850 support level—if that support level is broken, the board may see a further and larger pullback. #比特