Bitcoin: Support pivot reached (7800)

Bitcoin is at the bottom of its range and struggles to stay above the pivot support at $ 7800. We had seen yesterday, a fall to 7800 remain possible. It’s done, remains to be determined if the support will hold!

Bitcoin

The market has joined a major support, a new margin of gain is offered to us. 

Our analysis are entirely done on Binance charts

The trend is uncertain in the market, operators have been afraid following the decision of the SEC. Nevertheless, the ETFs will be well voted in August, so a return to the upside could occur after the FUD. For now, we are moving on dynamic support at 7800 USD and we have just returned 8000 USD. In addition, on the 4H chart, we are very largely in the oversold area and the stock RSI gives us a buy signal. A short-term rise towards resistance at 8150 USD seems likely. If we manage to break it, a return to 8500 remains possible. Conversely, we will have to remain very attentive to support at 7800 USD, if we break it down, a correction could be initiated. 

How to take position?

We are going out at $ 8,500 to pick up the position. In case of breakage at 7800, it will be necessary to iron the seller. In the meantime, it is possible to do Day Trading based on signals between 7900 and 8500 USD. 

SHould we expect a new correction? 

It doesn’t seem so. Nevertheless, if we go back under the $ 7800 pivot, we will have to prepare for a short-term correction.

 

 

Key Levels  : 

  • Essentials resistances :   8500 – 8250
  • Essentials supports :  8000- 7800

 

 

 

 

 

 

 


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.

It is important to note and understand that cryptocurrency trading carries serious risks. You can lose capital and more on some platforms. Take this into account and moderate your investment decisions. Never invest money that you can not afford to lose!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *