7.21 Qingchuan morning Big Ice order book analysis

Looking back at the market price action during the midnight period, BTC after attempting a modest push upward toward the 65,700 prior high line, clearly ran into resistance overhead, then came under pressure and dropped. The current market has retreated to around the 65,200 level, and is maintaining a narrow-range consolidation and sideways action in this area, as both bulls and bears are rebuilding momentum.

At present, BTC’s Bollinger Bands overall still show a downward-sloping posture, which means this round of rebound is essentially a short-term corrective move driven by news. From the market structure, the upper band and the earlier swing high have already formed a clear “double-top” resistance. In terms of volume-price relationship, the market currently shows characteristics of “rising with increased volume, pulling back with decreased volume,” which reveals that the bulls’ follow-up momentum is still insufficient.

Trading recommendations:
Big Ice: Sell/short near 65,500 downward; defend at 66,300; target around 64,000—63,500.
Second Ice: Sell/short near 1,900 downward; defend at 1,920; target 1,840—1,865.