🚀 July 24 midday market outlook. 🚀

$BTC Outlook:
BTC is currently moving sideways inside a bullish flag, and the flag with a downward-opening is a bullish flag—don’t mix it up.

The consolidation zone marked in the red box on BTC has already been broken. It fell below the 65,135 support and is now trying to get back above the 65,135 resistance, but judging by the current rebound strength, it’s hard to say it can push through.

BTC must reclaim and trade above the 65,135 resistance to stop the current downward drift. If it breaks the bullish flag and also 65,579, it can turn into an upside rebound aiming for the 66,166 level. To continue rising, it must break 66,166—if it can’t get past 66,166, then what’s the point?

The low pointed to by the white arrow below is around 64,600. If it pulls back without breaking 64,600, but still can’t break above 65,135, then during daytime today it will trade range-bound around this zone.

The small consolidation range from 64,600 to 65,135 must form a high—i.e., break 65,135 and put in a high—then pull back without falling below 64,600 in order to run a rebound. If in the 64,600–65,135 range it can’t create a higher high, and the pullback breaks below 64,600 to form a new low, then what do you think it will do next?

It will definitely need to retest the 63,896 support below—that’s just how it is.

On BTC: break out to the upside with volume on the right side after 65,135 to chase long and take the rebound; drop below 64,662 with volume—if the rebound can’t reclaim the right side, then chase short. Set your stop loss properly.

On BTC, the hourly timeframe: break through and hold above 65,135, then look to 65,765–66,325. If it can’t get up to 65,135, it’s useless.

On the 4-hour timeframe: break below 64,678 and look down to 63,880–62,527.

Overhead resistance 65,135–65,765–66,325
Support below 64,678–63,880–62,527