BTC/USD, Daily Chart Analysis 7/16

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Implications and Outlook
1. Crypto coins trading volatility , as well as volumes, decreased considerably in the crypto segment over the weekend, as the major coins did contain the prices that are apparently above the Mean Support levels.

In the meantime, Bitcoin , Ethereum Classic, Ethereum , Litecoin, Monero, IOTA, and EOS all were able to steer clear of a break below June low prices, and the technical picture deterioration is bound among the small-sized coins also, regardless of the continues to be risky setups within the long-term charts.

That being said, the overall sentiment of the coin market continues to be bearish , with high correlations involving the significant tokens, and strong resistance levels capping the Coin Rally attempts in most instances.

The crypto market is nevertheless still lacking leaders who could change the short-term trend about, and also the comparatively weaker coins which have been moving lower in the current period without demonstrating signs of muscle, regardless of the sporadic short squeeze coin rallies.

2. Bitcoin prices are staying down just under the Mean Resistance $6370 created on July 11 which signifies middle between Key Resistance $6765 and Mean Support 5850.

3. The violation of Mean Resistance $6370 will undoubtedly bring serious of the intermediate to short-term bullish implications, having upside targets to Key Resistance $6765 (Revisiting Step 1 target).

4. Conversely, if the bulls uphold Mean Resistance $6370, the downside target is Mean Support of $5850, Yearly Low of $5777 and Key Support $5525 (step 2).

5. Current Coin Strategy Bias: Bullish 60 / Bearish 40


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