At the eve of collapse

Morning folks,

So, miracle has not happened and BTC stucked around 23K area - first major daily resistance area. On intraday charts we do not have any bearish patterns yet and could even say that bulls have theoretical chances on upside action to 25.5-26.2K next resistance area, but...

we do not believe that this will happen...

and here is why. With coming big bulk of fundamental data - almost all of them should be negative to stocks and BTC. First is, Google and Microsoft reports on 27th of July supposedly will be worse than expected. 1% rate hike from the Fed also hardly bring optimism to the markets, finally, we expect negative IIQ GDP numbers on Thu, and official US step in recession stage. That's why we stay aside this week from any purchasing of BTC. Maybe we will be wrong, but we prefer to get worse entry price but with clear background, rather than gambling on big statistics.

Technically, we suggest that 20K area is an edge. Downside breakout suggests bearish reversal and downside trend continuation. If you believe that BTC will go up and have different view on coming data - then you could keep an eye on two support areas where BTC stands. First one is 3/8 major support. Next one is 20.15K area, another Agreement with XOP. If BTC is really bullish and tending to 26K area - then it has to stay above these levels.