A basic drawing of the overall trend pattern we have been in since the start of the year. At the moment there is no indication that the COINBASE:BTCUSD trend is invalid, and we are soon approaching the tail end of a descending triangle, and likely an impending break of the support at 6k~. I expect the triangle support break to occur early august.
However, for now we have hit the triangle support, and many buyers are showing interest. Should we go up, I wanted to share my perspective on relevant levels to make note of, and where I will look to exit. Best of luck.
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We are at the second profit taking area (1st was $6700~), and are at a critical moment.
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My expectation for the general direction of btc has panned out (although the swing high exceeded my expectation), and btc us currently heavily trending to the bearish side. If current daily closes below $6300, than I expect to see a drop to the $5200 area in the very short term. My final target is $3000, and, based on charts, am expecting btc to reach that area towards the end of August. Best of luck.
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Long time no see. I hope you all are doing well.
Just posting a quick overview of our current movement. Prices to look out for at the moment are $3940~ on the topside, and $3775 on the bottom side. This is a narrow corridor where we can potentially see accumulation and determine direction. RSI is oversold, but I'm waiting to see if the macd flattens out.
Current prices present quite an attractive purchasing area, but, as always, stay patient and observe -or listen to- the trend. You make a lot more money when you listen than when you talk.