As you can see Bitcoin is getting squeezed between a supportive/resistive trend line, and the 50 Smma. This implicates an important upward / downward move could be on its way, market has to make a bearish or bullish decision soon. We have to pay attention to the shape of the incoming daily candles, to see if they form a bearish reversal or not. Stay tuned
The Squeeze :
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If Btc falls from here, the fall of alts might be terrible, they are in bad shape right now
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Market decided to make the important move the bullish way. When we see such a move happening, analysis should immediately be: is it a false breakout? Will it stay above this trendline and use it as a support? Will it go below it during this day or in a week/in weeks?
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Just to see why patience is key in a volatile market : In the morning, the daily candle was starting to print a bearish appearance But at the end of the day, this is clearly a bullish candle :
P.S.: the day is still not closed, this candle could still change its shape and become bearish ! End of this TA. Possible targets if Btc doesnt drop from here :T=7.777$, and T=8.646$ Bullish bias, possible targets still
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I guess if you're staring at the market you just see what i meant lol.
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Now it is squeezed below. Do bots and humans know what they want? lol.
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Trade closed: target reached
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First T=7.777 reached
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At this rythm, we might hit the 2nd target of 8.646$ soon, why not today?
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Apologizes for the T=8.646$, it couldn't break above 8.500$ But profit is profit, sometimes you have to be very selective and only trade a few times in long time frames, better 3 solid trades in 3 months than 20 with a global loss
Thanks Giorgio, you're absolutely right. Looking forward to your next analysis!
pkb6698
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I'm always looking at your analysis. thanks for a good idea.^_^
I think CME last trade date on july 28th is a very important day.
I need opinions from various people. What is your view of this?
Giovi6969
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@pkb6698,
This might influence Btc value indeed, there probably is a theory to be studied about this.
One thing is sure, when they started futures on tulips, their value completely crashed and it popped the tulip bubble.
When futures were opened for Btc, its price crashed. Will it pop the bubble? Possible, and possibly not.
pkb6698
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@Giorgioversace, At first I was skeptical about the influence of futures, but I think it is necessary for the market to stabilize. There are many factors that will stabilize the market in the future. at this time I am not skeptical about the adjustment. Thanks for giving a your opinion.^^
UnknownUnicorn3062184
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Hi! @Giorgioversace
my guess is that we'll see a strong bullish move sooner or later but could be another bulltrap.
what do you think about it?
Giovi6969
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@captainx,
Yes this is very possible to be a bull trap.
Maybe it will hit 8.600$ and go to retest the 5.800$ area.
Maybe it will retest the 6.850$ area and start a bull run.
All is possible, and this is impossible to know what will happen next at the moment.
Normally short squeezes do not reverse market trends.
But it is possible that the trend was reversed before the short squeeze happened, which is possible if you have a look at the " 5.800$ bottom TA"
UnknownUnicorn3062184
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@Giorgioversace, agree, but seems like a bit early for another bull run imo. we'll see