BTC: Be Careful on the Bull Side

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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After another week of side way actions, BTC is looking less bullish for the short-term:

1. Price now failing 55EMA and failing the resistance established since 20k
2. Daily RSI continuously failing at its MAs (2D RSI also trending bearish now)
3. Daily RSI needed to stay abv the 45 support for the bullish scenario (didn’t happen)
4. Daily RSI beneath resistance

With fundamentals showing strong bull run signals, I remain bullish for the long-term. However, a deeper retracement is looking more possible for the short-term before breaking the 10k resistance.

Since BTC is currently at a major support, a quick long with tight stops still seems feasible. However, two better long setups are either an entry at 7-8k or a 10k entry if we find support with RSI up-trend confirmed.

Are you currently a bull or a bear on BTC? All thoughts and critics are welcomed!

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Comment: The daily RSI needs to break through the resistance and holds above its MAs for the long-term bull trend to continue.
Comment: There are two group of people in the crypto space: long-term investors and short-term speculators. One often overlooked fact is while short-term speculators dominate the actively daily traded BTC, long-term investors actually dominate the entire BTC holding. Understanding how these two groups contribute to BTC value and price separately is crucial in profiting in the long run.
Comment: Detailed weekly setup updated. Downward pressure expected at 9.8k.

More on BTC long-term perspectives and August rally ahead:

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