BTC weekend sale is going to be over. This weekend BTC followed the correction movement and now is very close to the strongest support level of 31000.
This fall was due to several reasons. The anticipation of some traders for a “Cross of death” that may show a signal from bullish to bearish trend. More news for another ban by the authorities of the Chinese province of Sichuan, which ordered the miners to stop their activities until July 20. Re-establishing correlation with all stock markets.
But all this negative will not negate the growth in the medium term. Miners will be sheltered in other countries. BTC continues its legal way. The inflationary expectations are only in favor of Bitcoin in the medium term, since Bitcoin is the most inflationary of all assets.
Scalper Season analytics have an idea that BTC is going to retest the strongest support level of 32500 - 31000. It can happen soon, as a result of last impulse. Than we can see the return to 37000. If there will be enough buyers (we know it will), BTC will continue to grow and will rich 40000.
More USDT was printed last days, so it’s a good time for whales to begin shopping!
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This weekend BTC buyers didn't show high interest, so now it is Friday. Local high at 35470 now looks like just a bounce from last deep. We think that it is time of short position this weekend.
Brother. Whatever we are holding is our choice, the truth on the other hand spares no one. So with this in mind: we are still in a major sideways correction, potentially retesting the 24k area, now if we break this, then it’s 6-12 months of damage control (in this case based on all recent news we should return to a upward sideways journey mid July. Adjust and overcome. Safe trading.
Scalper_Season
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@epiclegendaryman, thank you for your answer. We agree with your opinion that we are still in a major sideway correction. Due to last support levels, retesting of 24k area is a real thing that may happen soon. Keep on watching)