After topping-out last month, many Alt-coins have have been under severe selling pressure these past 4-5 weeks, where both $LTC as well as $ETH now find themselves nearly back testing their 200 DMA's, while numerous other Alts have already breach their 200 DMA's.
While the Alts have slid the slippery slope, BTC had been holding-up fairly well, yet now finds itself starting to take on water and in the process, has recently violated both the 10K level as well as its 50 DMA (slightly and Not on a Close) as we can observe from the Daily chart above.
In our last missive regarding BTC on July 2, we noted that BTC was in pullback mode. We also went on to state, "Moving forward, both investors/traders may want to monitor the $8,800 - $9,000 area, which just so happens to coincide with its rising 50 DMA on the Daily chart above as a potential level of support with a secondary level of potential support found in the $7,500 - $8,000 zone."
We also noted, "While BTC may not approach these levels moving forward, these are the levels that we're monitoring for further clues should they be tested at any time in the days/weeks ahead."
Thus, while we've yet to near and or test the $8,800 - $9,000 thus far, both investors/traders may want to continue to monitor the action closely and particularly both the $8,800 - $9000 level for initial potential support and should such level give way at any point in the days/weeks ahead, the previously noted $7,500 - $8,000 as potential secondary support.
While BTC presently trades comfortably above both potential support levels at present, these are the areas that we're continuing to monitor should downside pressure persist.
While the Alts have slid the slippery slope, BTC had been holding-up fairly well, yet now finds itself starting to take on water and in the process, has recently violated both the 10K level as well as its 50 DMA (slightly and Not on a Close) as we can observe from the Daily chart above.
In our last missive regarding BTC on July 2, we noted that BTC was in pullback mode. We also went on to state, "Moving forward, both investors/traders may want to monitor the $8,800 - $9,000 area, which just so happens to coincide with its rising 50 DMA on the Daily chart above as a potential level of support with a secondary level of potential support found in the $7,500 - $8,000 zone."
We also noted, "While BTC may not approach these levels moving forward, these are the levels that we're monitoring for further clues should they be tested at any time in the days/weeks ahead."
Thus, while we've yet to near and or test the $8,800 - $9,000 thus far, both investors/traders may want to continue to monitor the action closely and particularly both the $8,800 - $9000 level for initial potential support and should such level give way at any point in the days/weeks ahead, the previously noted $7,500 - $8,000 as potential secondary support.
While BTC presently trades comfortably above both potential support levels at present, these are the areas that we're continuing to monitor should downside pressure persist.
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We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/