7.24 BTC: The rebound continues, more strength ahead, but…

$BTC Entry: around 655-660; target the breakout around 664, then look at 648-640.

After a topping phase at 66924, the market saw consecutive large bearish candles and heavy selling pressure. It directly broke through the middle band after being smashed through it from the upper Bollinger band. The current weak trend is already set: every round of rebound is an opportunity to enter at high prices. During the pullback stage, the bearish candle bodies keep increasing in size. Yesterday even showed an accelerated selloff with a big bearish candle on heavy volume. Bearish selling pressure was concentrated and released, and there’s plenty of downside momentum.

Today, after touching the lower band, the rebound came. The bullish candle body is narrow and there’s no strength to push higher—this is a typical oversold weak rebound. There’s no incremental buy-side demand to take over. The bulls have absolutely no ability to launch a counterattack. The rebound is only to make the subsequent fall#SEC推进美股24小时交易 happen more smoothly.