Back on June 13th we chimed in on $BTCUSD $BTC.X for the first time in a while and in summary stated, "Therefore, both investors/traders may want to keep and open mind and allow 'Price' to dictate with respect to direction moving forward and from our perch, we're of the belief that BTC deserves the benefit of doubt and remains innocent until and or unless proven guilty."
Subsequently, that statement proved prescient as BTC ran from the 8,200 level up to nearly 14,000 within two (2) weeks, whereby we followed-up on June 27th with BTC trading near the 13,000 level by stating the following, "$BTC.X remains resilient. We've been Long, but now looks like a good time to book profits."
Fast forward to today, we find BTC in pullback mode after such a power multi-month run that has once again fueled and renewed the interests of many.
Moving forward, both investors/traders may want to monitor the $8,800 - $9,000 area, which just so happens to coincide with its rising 50 DMA on the Daily chart above as a potential level of support with a secondary level of potential support found in the $7,500 - $8,000 zone.
While BTC may not approach these levels moving forward, these are the levels that we're monitoring for further clues should they be tested at any time in the days/weeks ahead.
Subsequently, that statement proved prescient as BTC ran from the 8,200 level up to nearly 14,000 within two (2) weeks, whereby we followed-up on June 27th with BTC trading near the 13,000 level by stating the following, "$BTC.X remains resilient. We've been Long, but now looks like a good time to book profits."
Fast forward to today, we find BTC in pullback mode after such a power multi-month run that has once again fueled and renewed the interests of many.
Moving forward, both investors/traders may want to monitor the $8,800 - $9,000 area, which just so happens to coincide with its rising 50 DMA on the Daily chart above as a potential level of support with a secondary level of potential support found in the $7,500 - $8,000 zone.
While BTC may not approach these levels moving forward, these are the levels that we're monitoring for further clues should they be tested at any time in the days/weeks ahead.
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We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/
We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/