⚡️ #BTC OUTLOOK - 20/07⚡️
We have arguably broken the range that we are in although it is definitely on the edge. At the moment there is still a sizeable amount of shorts above us (approx. 1k BTC on Binance - doesn't seem huge but relatively it is pretty big).
The worst thing that can happen is losing $22.9k then I feel it would be a bit of a collapse back in to the range heading quickly to $21.8k and then ultimately about as low as $20k.
The bullish scenario which I am slightly leaning towards is that we consolidate here for a day and eat away at the shorts before pumping through, the short/mid term target here would be $27.3k to $28.8k to basically fill the CME gap.
What to watch out for?
Any FUD, if it is going to drop then it will drop whilst we are trying to break out of this key resistance so please be wary of that.
We are at the mercy of order books that can be unreliable to be exact but do help gauge sentiment quite well usually.
Further on-chain data - is suggesting that we are coming up to a pretty important bullish turning point
Source: Glassnode
#Bitcoin is currently in the process of breaking above three long-term pricing models:
- Realized Price (average cost basis)
- Long-Term Holder RP (Cost basis of LTHs)
- 200-week Moving Average
We have arguably broken the range that we are in although it is definitely on the edge. At the moment there is still a sizeable amount of shorts above us (approx. 1k BTC on Binance - doesn't seem huge but relatively it is pretty big).
The worst thing that can happen is losing $22.9k then I feel it would be a bit of a collapse back in to the range heading quickly to $21.8k and then ultimately about as low as $20k.
The bullish scenario which I am slightly leaning towards is that we consolidate here for a day and eat away at the shorts before pumping through, the short/mid term target here would be $27.3k to $28.8k to basically fill the CME gap.
What to watch out for?
Any FUD, if it is going to drop then it will drop whilst we are trying to break out of this key resistance so please be wary of that.
We are at the mercy of order books that can be unreliable to be exact but do help gauge sentiment quite well usually.
Further on-chain data - is suggesting that we are coming up to a pretty important bullish turning point
Source: Glassnode
#Bitcoin is currently in the process of breaking above three long-term pricing models:
- Realized Price (average cost basis)
- Long-Term Holder RP (Cost basis of LTHs)
- 200-week Moving Average
