Compared to yesterday, the situation has not changed much. Since rising above 34k early yesterday, Bitcoin has been trading sideways, circling both sides of that level. Price action might be viewed by some as indecision, but by others, simply consolidation before embarking on another higher move. Having called the 30k move since last week, the speed and voracity of the rebound has left me a little indecisive too, if the truth is known. What might be interesting to note, though, is that the current bounce is still below 35k and there is now an attractive price point that almost exactly coincides with that level. Let me explain briefly. The fall from 41,307 highs on June 15 to 28,824 lows already met a 38.2% retracement when it bounced back to 33,592 yesterday. The 50% retracement of that move is in place at 35,065, which in terms of Bitcoin prices is as good as 35k itself actually. Once upon a time you simply can't argue 50 or 100 pips on this one because the price isn't really that exact. Hence, it will be interesting to see if the current side price action will look for another move upward, and then if it can make a move towards this known and next resistance level.
For today's strategy, Our pivot is located at 33508
Foreseeable scenario: As long as the resistance at 33508 holds, the bearish scenario will prevail.
Alternative scenario: above 33508, I expect to reach 34720 and 35442
graphic from tredingview.com
Log in to Publish0x:
https://www.publish0x.com/?a=oQeZ4DR6bp
Link telegram: Follow me on Telegram for more details during the day, it's free and not just crypto, test my signals https://t.me/joinchat/_J8vQO5jNPBlYTg0
Register an account on Binance to get a 5% discount on commissions forever and other advantages that you will discover by contacting me: https://www.binance.com/it/register?ref=NG0GOL6H
This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.
Thanks for reading
