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Mihai_Iacob
Jul 19, 2021 5:29 AM

Bitcoin- will this be the week? Short

Bitcoin / United States DollarCoinbase

Description

As I said in my previous analysis, it is clear for me from, watching the price evolution, that bulls are very weak when it comes to crypto market.
In Bitcoin's case, every rally was considered a good opportunity for sellers and I expect bitcoin to fall further.
Last week was a range trading one with price congesting and congesting.
A break under support looks unavoidable at this moment and Stop Losses under 30k should lead to acceleration.
20k is still my medium-term target with interim support at 25k
Only strong buying power and BtcUsd above 35k would change my opinion

Comment

Btcusd under 30k, a daily close near 29 should accelerate losses
Comments
ckbears90
Looks like a classic bear trap to me.
Mihai_Iacob
@ckbears90, can be...
Elysian_Mind
@ckbears90, Secret hint from our customers' channel: It's a Bear Trap.
moszinet
@OXY4TRAD3, a Bear Trap would assume 28-30K is a fair price for BTC. I guess we will see on the long run :)
brave_heart79
Welcome shorts! These fake drops are building short positions that will ultimately get squeezed!
Mihai_Iacob
@brave_heart79, let s see
Elysian_Mind
@brave_heart79, We agree.
Hinterland
Whether or not the support will hold or break is very unpredictable. I don't think this a good time to be making any major moves.
BTCeer
I share a very similar view as you. My chart on a smaller detailed timeframe looks like this:

Mihai_Iacob
@BTCeer, thanks for sharing
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