7.7 Tuesday morning’s latest BTC thoughts: the rebound is just a lure—run an initial decline intraday.

Yesterday, the overall sell-off was guided higher. After price stopped falling around 613, it started to bounce back. Since the “yellow-haired” appeared, a series of bullish catalysts have kept coming out one after another. Overnight, the high even touched the 647 area. The 637 price given last night was unfortunately swept at 64550, but compared with yesterday’s overall gains, that isn’t much. Right now, price is ranging around 640, and intraday we continue to run an initial decline.

At present, the pace is being driven by news. The big 🫓 has moved higher on consecutive green candles all the way. On the 4-hour chart, it broke above the upper band, and its price continues to trade at high levels. In the short term, momentum is on the strong side. However, this kind of upside move pushed by news is not operating in a normal structural way, and it’s also not a reversal. Don’t be tempted by the short-term rebound. At the highs, this big 🫓 still needs to run down.

Morning reference: 640, the 645 area for the setup; downside targets 625-615.