After the initial break up on 18th July, BTC failed to break the local TR and headed back down to find new support. Some healthy consolidation saw BTC finally break the downwards channel which had been printing, now giving us a target of 10800 - if price reaches this level it will be significant as the diagonal blue resistance which hasn't been broken since price was above $13k, will be broken.
Should this happen, 11100 is the next port of call for supply to show itself, marking the top of our local TR. I expect price to find resistance here, and whether we bounce off this level or break up through on this attempt, is entirely dependent on the H4 sellers who have currently gone into hiding. For now, there's nothing suggesting a further move down before at least testing these levels.
Should this happen, 11100 is the next port of call for supply to show itself, marking the top of our local TR. I expect price to find resistance here, and whether we bounce off this level or break up through on this attempt, is entirely dependent on the H4 sellers who have currently gone into hiding. For now, there's nothing suggesting a further move down before at least testing these levels.