- In the BTCUSD technical analysis from 2 days ago (see below), our bias was slightly bearish, with our bitcoin price forecast also taking into consideration that Bitcoin may be dancing around the $20k round number, before it reveals where it wants to go. Despite our bearish tendency, we did mention in the video that should the Bitcoin 4-hour candle close above $20500, then the stage is given to the bulls and the bearish case would be over (for now)
- Bitcoin price reached $21855, a 6.6% above that line in the sand of $20,500 (and congradulations for those who may have taken a Long and enjoyed that move or some of it)
- From here on, we are at the top of a range and may be extended. The responsible action for the profitable Long trader, who has accumialted profit on that Long is to, at least, take partial profit. Even for the simple reason that others like him may tend to do that. And new traders considering to buy Bitcoin, should be careful that it might be a little late to do that, and can try to target a lower entry price.
The following is the Bitcoin technical analysis video for 08 July:
The following is the previous Bitcoin technical analysis video from 06 July
- Volume of buyers is weak and Bitcoin is hovering around the $20k mark
- Weakening momentum for BTCUSD at the 4 hour timeframe
- Volume profile of the range presented, and how Bitcoin is interacting with the POC (Point of Control), so far, hint of a bearish tone
- Still, since BTCUSD is hovering up and down the round number of $20,000, traders of both directions need to be carefully of getting stopped out before the crypto king finds a direction
- Despite our bearish bias on Bitcoin, our latest S&P 500 technical anlalysis in bullish. Since the stock market indices tend to influence crypto prices, this might support contrary forces on crypto and traders might want to sit out and wait at this stage
- For those looking for further confirmations, to buy or sell, we offer price levels for doing that, while watching for the close of the 4 hour candles at the price levels mentioned in this Bitcoin technical analysis video for today:
Trade Bitcoin or any other crypto with stops and always at your own risk.