Bitcoin left its downtrend to form a range. A compression pattern is in formation, its outcome will be decisive for the medium-term trend.
- resistance broken on the RSI (14)
- Compression pattern
Bitcoin is in a compression pattern, if it leaves it on the rise (7800-8000 USD) we will start again at 9900 USD.
Our analysis are entirely done on Binance charts
The trend is picking up on bitcoin following the very good news in recent days. The SEC will have to vote on ETFs in August, and BMW has just announced that it will accept Bitcoin as a means of payment. From the point of view of technical analysis, the RSI to break its resistance. It tells us a compression figure output and therefore a potential pump. Nevertheless, this is not yet reflected in the market, it will be necessary to wait for the movement to be validated by the operators to take a position. For now, we are moving in a range between 7000 and 7600 USD. To leave it down would cause a new correction, to leave it on the rise will cause a sharp rise.
How to take position?
Doing Day Trading between 7000 and 7600 USD while waiting for the break out seems relevant. It is better not to take a position just under the resistance, but rather to wait for a return on the 7200 USD to possibly take a position towards 7800 then 8500 USD.
Should we expect a new correction?
It doesn’t seem so. The good news follows, and buyers maintain strong pressure on resistance. Nevertheless, it may take a few days for us to leave. We are waiting for the formation of a compression figure between 7200 and 7600 USD in the coming days.
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Key Levels :
- Essentials resistances : 7600 – 7800 – 9900
- Essentials supports : 7000 – 7200
Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory
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Reminder: The analyzes on the page cover a period of 12 to 48 hours and are optimized for Day Trading and not the long position. We give our long positions on our youtube channel.