Bitcoin: Back down despite positive news

One of the best news of the year has fallen for Bitcoin, and yet the Bears dominate the market. Very good opportunities will come up.

 

Bitcoin

Highlight Keys

 

We are evolving on the support of our bullish channel, a return to the upside could occur if the sellers fail to break the support at 6800 USD.

Our analysis are entirely done on  Binance Charts

Despite the fall of the past few days, Bitcoin is still evolving in a bullish channel. The channel support is around 6800 USD. A new fall could, therefore, occur during the day if we cross it. On the other hand, if the buyers manage to stay there, a return to the rise is quite possible. Indeed, the signals remain bullish on the indicators and especially the news are very positive this week. In particular, we had the announcement of the partnership between Starbucks and Intercontinental Exchange, the best news of the year according to CNBC, and the ETFs will be voted current August. As noted by CNBC experts, the partnership between Starbucks and intercontinental exchange could, in addition to bringing tremendous visibility to crypto, facilitate the voting of ETFs. 

How to take position?

We’ll wait to determine if a bounce in the channel is forming.  If this is the case, we will return buyers for a return to 7800 USD. Conversely, if support at 6800 USD gives way, we will consider downgrading to a return to 6000 USD. The market is clearly under the edge, you have to start accumulating.

Should we expect a new correction? 

It’s possible, the sellers take back control of the market. Nevertheless, as long as we stay in the bullish channel (Support at 6800), a return to the upside remains possible.

 

 

Key Levels  : 

  • Essentials resistances :   7000 – 7200
  • Essentials supports :  6800 – 6000

 

 

 

 

 

 


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.

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