Bitcoin is currently on a rally of approx 35% since putting in its most recent low. Many have been watching the multiple interpretations of the patterns on lower time frames such as wedges, flags and triangle formations with about 50% of the crowd calling for an over due rally.
Currently trading at 23.9k BTC has broken above the 200 weekly MA and will look to close above these level for the first time in 6 weeks but it's quickly approaching 2 areas of interest.
1. Pivot low of 25.3k
2. 200EMA on the weekly around 26.7k
Can bitcoin get past 25.3k or will it be rejected and head lower just as we approach the end of July and the FED makes their next statement or will bitcoin surprise everyone, barrel through resistance and test the more critical area of 29-31k in the coming weeks? The FEDs announcement could some just in time for the DXY to cool off and attempt a run back to 1.09 for another test.
Personally (NFA) I would be closing a large portion of my position at 25k region to minimize my own risk.
Regardless of where the local high is I think bitcoin will surprise everyone this year and these are most definitely interesting times.
Currently trading at 23.9k BTC has broken above the 200 weekly MA and will look to close above these level for the first time in 6 weeks but it's quickly approaching 2 areas of interest.
1. Pivot low of 25.3k
2. 200EMA on the weekly around 26.7k
Can bitcoin get past 25.3k or will it be rejected and head lower just as we approach the end of July and the FED makes their next statement or will bitcoin surprise everyone, barrel through resistance and test the more critical area of 29-31k in the coming weeks? The FEDs announcement could some just in time for the DXY to cool off and attempt a run back to 1.09 for another test.
Personally (NFA) I would be closing a large portion of my position at 25k region to minimize my own risk.
Regardless of where the local high is I think bitcoin will surprise everyone this year and these are most definitely interesting times.
Trade active:
First leg down complete which was to be expected give BTC rally from the lows up to 24k. Now, either we break above 25.5k or its likely we slide lower and put in the actual bottom. Another option on a rejection would to remain range bound over the coming months while the bottoms forms.
If this level holds and we are simply correcting after a run up, look to test 25.5k