BTC - Bouncing Off 3-Week Support Level

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Well, BTC decided to fall instead of rise upon completion of the recent triangle (green). But here's the happy part... it bounced off a support level going back 3 weeks to June 10th (red). This should indicate buyers are watching that line and are willing to jump in at it. And it's a rising support line too, which means the recent bull trend is still alive.

Fundamentally things still look good for BTC . The US FOMC is still expected to lower interest rates by a quarter-point at the end of its meeting on July 31, which will put down pressure on the USD and lift BTCUSD . Also, if Trump tweets his customary "really good news" messages at the end of the G-20 summit today or tomorrow, it would give the stock market a boost, which would itself put down pressure on the USD since people would not be looking to cash as a safe-haven as much as they have lately. So the future still looks bright for BTC , which is why buyers keep coming in at key levels. Notice how volume picks up quite a lot when BTC starts to come close to that red support line.


Thats nice mate, @WorthAShot
Amazing! Leave us a follow aswell mate :)
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