7.23 Jack evening BTC chart analysis

In the early stage, the high point on the chart was 1925.32. The overall big-cycle trend has been a persistent downtrend. Price has run the entire time below the moving averages; every round of mild rebound gets capped by the moving averages, making it difficult to form a sustained upward行情.
In the middle, the price briefly entered a range-bound sideways consolidation, repeatedly testing back and forth, yet it still failed to break through the moving average pressure. After the consolidation ended, a new round of decline resumed, with the low probing down to the 1882 low point. At the moment, the price has rebounded slightly to around 1886.
In the short term, this rebound is only a repair move after the big drop. The moving average overhead pressure is still heavy. Don’t treat a short-term bounce as a trend reversal. Next, focus on the support at the 1882 prior low. Once that level is breached again, the downside room will keep expanding. To fully reverse the weakness, the price must regain and hold above the moving average pressure band.
The current overall market trend is clearly bearish, so it’s not suitable to blindly enter and bet on a rebound. Wait patiently for stable bottoming signals to appear on the chart, and then observe the next opportunities. #比特