Bitcoin: Second support test at 7800, new rebound expected ?

Bitcoin once again tests support at 7800 USD. Good opportunity to recharge or return of the correction? 

 

Bitcoin

Highlight Keys

  • Pivot at 7800 USD
  • Return on the MA100
  • ETEI RSI daily

 

Buyers must maintain and close beyond support at $ 7800 to avoid a correction.

Our analysis are entirely done on Binance charts

The trend is very uncertain on Bitcoin, sellers take the hand. Indeed, the pivot support evoked yesterday at 8100 and support at 7800 gave away. A new downtrend is emerging, buyers must quickly reverse the trend. If they fail to close above 7800 USD at the end of the day, a return to support at 7300 USD is possible. Conversely, if by tonight we pass the 7800 USD, then buyers have every chance to take control of the market. For now, signals are leaning in favor of sellers. In particular, we have a summer training session on the daily RSI and MACD, which is going down again. However, we have joined the MA100, it is a good point of support that buyers could manage to hold. 

How to take position?

After the passage to 8100, it was necessary to iron the seller. From now on, we are expecting a return to 7800 or, on the contrary, a new downward push. We have to wait until the market marks a clearer trend to take back position, so a move to 7800 or on the contrary a breakout of dynamic support at 7600 USD. 

Should we expect a new correction? 

It’s possible, the sellers take back control of the market. Nevertheless, if we go back on the pivot at 7800 USD, a return to the upside remains possible

 

 

Niveaux clés  : 

  • Essentials resistances :   8100 – 7800
  • Essentials supports :  7600 – 7300

 

 

 

 

 

 

 

 


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.

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