💥Once again, news from China has struck overnight and caused the rather large sell off we've seen that happened overnight following China's disappointing economic data which points towards an economic slow down for July inciting economic fear of a global slow down now which is no doubt affecting the trends right now.
💥We can see that Bitcoin got pulled all the way down to that $24,000 mark and basically has bounced off of it with our first mountain bounce hitting $24,300 before moving back down and bouncing one more time off of that $24k mark.
💥I've already encircled that 200 EMA exit we had overnight and as I always say with the 200 EMA, the more dramatic the exit, the more dramatic the fall will be and we had just about as dramatic of an exit as you can have when we left straight out that mountain. It should be noted though that support looks to be holding itself rather well and for the most part right now we simply need to stick above $24,000 and regain those 20/50 EMA's before we can rejoin with our 200 EMA and by then we should be set for our hopefully final entry into that BTC main channel which I've had noted down for over two months.
💥It's been over two months since we lost that channel and to see a reentry of it would be absolutely phenomenal though ultimately we're gonna have that reentry no matter what as the wedge is coming to a close soon as my markings already show and have shown for months.
💥Gonna leave the idea there for now but overall things aren't too bad, albeit China's news isn't the best, they've also been dealing with covid as well as the housing crisis that keeps hitting, so it isn't exactly a shock to see that things slowed in July as people are more prone to staying inside and as a result won't go out and spend as much as they may shopping and will be more prone to saving money rather than spending it right now. So china noting that it will likely miss it's target of 5.5% growth this year shouldn't be taken as a major hit even though some investors got scared by it and ran off as a result. They can do that but one way or another we're gonna push through and make it, in the end, we'll be fine and that's what matters.
💥Thank you for tuning in, if you'd like to leave a like or follow it'd be much appreciated. Thank you!
~ Rock '
💥We can see that Bitcoin got pulled all the way down to that $24,000 mark and basically has bounced off of it with our first mountain bounce hitting $24,300 before moving back down and bouncing one more time off of that $24k mark.
💥I've already encircled that 200 EMA exit we had overnight and as I always say with the 200 EMA, the more dramatic the exit, the more dramatic the fall will be and we had just about as dramatic of an exit as you can have when we left straight out that mountain. It should be noted though that support looks to be holding itself rather well and for the most part right now we simply need to stick above $24,000 and regain those 20/50 EMA's before we can rejoin with our 200 EMA and by then we should be set for our hopefully final entry into that BTC main channel which I've had noted down for over two months.
💥It's been over two months since we lost that channel and to see a reentry of it would be absolutely phenomenal though ultimately we're gonna have that reentry no matter what as the wedge is coming to a close soon as my markings already show and have shown for months.
💥Gonna leave the idea there for now but overall things aren't too bad, albeit China's news isn't the best, they've also been dealing with covid as well as the housing crisis that keeps hitting, so it isn't exactly a shock to see that things slowed in July as people are more prone to staying inside and as a result won't go out and spend as much as they may shopping and will be more prone to saving money rather than spending it right now. So china noting that it will likely miss it's target of 5.5% growth this year shouldn't be taken as a major hit even though some investors got scared by it and ran off as a result. They can do that but one way or another we're gonna push through and make it, in the end, we'll be fine and that's what matters.
💥Thank you for tuning in, if you'd like to leave a like or follow it'd be much appreciated. Thank you!
~ Rock '
