Hello dear traders,
As the title says, when in doubt, zoom out! BTC faces many challenges along the way and it is a great asset to hold for the near term. I am actually in a swing trade from 22790.
I think equities ended the month strong but usually there is USD weakness at the end of the month(July) according to seasonals. They played quite well. Now many think we will start a new bull run but we have actually a lot of work to do. Right now SPX and NDX finished at very strong resistance areas, it wouldn't surprise me to see BTC push through the weekend + Monday, consolidate a bit and then come down before running again higher(you can check my other idea). Although the data started to deteriorate we had some surprises today with a strong consumer report. I don't know how the Fed will try to tame inflation except raising rates. We'll tailor our trades accordingly as the data comes in.
We might go to 30k next month but i think from there, a consolidation phase will start, i could be dead wrong and push higher but i really do not think we will teleport to new ATH anytime soon as earnings were so and so this quarter. Next quarter its gonna be quite hard to navigate in my personal opinion and i think anyone who is daytrading should reduce leverage and tp much faster than they normally would. (at least that was the case with me).
My forecast for BTC is that we will push through 26k area, come down and then high again taking 30k's. Sometimes you dont have to do too much except be in a good position and wait for it to unfold(if its a swing trade).
My point is that whenever you look at charts below 1h you will tend to lose your focus. Just zoom-out, see where you are, mark your levels such as : Monday open, Monthly open, weekly open, see where there is strong support/resistance etc and take it from there if you want to scalp. There will always be reaction at these key levels and there is always another opportunity if you missed one.
Stay safe, protect capital and have a great weekend!
As the title says, when in doubt, zoom out! BTC faces many challenges along the way and it is a great asset to hold for the near term. I am actually in a swing trade from 22790.
I think equities ended the month strong but usually there is USD weakness at the end of the month(July) according to seasonals. They played quite well. Now many think we will start a new bull run but we have actually a lot of work to do. Right now SPX and NDX finished at very strong resistance areas, it wouldn't surprise me to see BTC push through the weekend + Monday, consolidate a bit and then come down before running again higher(you can check my other idea). Although the data started to deteriorate we had some surprises today with a strong consumer report. I don't know how the Fed will try to tame inflation except raising rates. We'll tailor our trades accordingly as the data comes in.
We might go to 30k next month but i think from there, a consolidation phase will start, i could be dead wrong and push higher but i really do not think we will teleport to new ATH anytime soon as earnings were so and so this quarter. Next quarter its gonna be quite hard to navigate in my personal opinion and i think anyone who is daytrading should reduce leverage and tp much faster than they normally would. (at least that was the case with me).
My forecast for BTC is that we will push through 26k area, come down and then high again taking 30k's. Sometimes you dont have to do too much except be in a good position and wait for it to unfold(if its a swing trade).
My point is that whenever you look at charts below 1h you will tend to lose your focus. Just zoom-out, see where you are, mark your levels such as : Monday open, Monthly open, weekly open, see where there is strong support/resistance etc and take it from there if you want to scalp. There will always be reaction at these key levels and there is always another opportunity if you missed one.
Stay safe, protect capital and have a great weekend!