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Bitcoin was in a downtrend since early June, and has managed to break the downtrend on 7/21.
Since then Bitcoin has had consectuive green days.
We have also painted a higher high from $9475 (7/8) to $9690 (7/23).
The next battle is $9700, but with the momentum it feels like the bulls will take it.
The real test will be once we reach the sell zone above $10,000… but with the recent news about PayPal adoption and US banks storing crypto for customers, maybe the bulls can blast right thru.
Since then Bitcoin has had consectuive green days.
We have also painted a higher high from $9475 (7/8) to $9690 (7/23).
The next battle is $9700, but with the momentum it feels like the bulls will take it.
The real test will be once we reach the sell zone above $10,000… but with the recent news about PayPal adoption and US banks storing crypto for customers, maybe the bulls can blast right thru.
Trade closed: target reached:
We blasted right through 10k onto 11k!
Comments
I’m bearish for the short-term, daily RSI at key resistance, 4hr RSI is forming a bearish divergence, 1hr RSI entering bearish trend. The 5 Elliot wave to the upside is finishing. I think regardless of a bearish or bullish bias for the mid-term, a downward pressure is due soon.
What do you think of the setup below?