Taking a Look at the overall market capitalization for crypto - It looks like there's a couple of interesting things happening.
First a Bullish ABCD , this is good. Second is an upward wedge which we are currently retesting the bottom of - also good though our overall position in the wedge could be more ideal.
The wedge we're in ends in the next 2 days - meaning we're likely to see a big move from the market one way or the other soon.
There are two potential scenarios the way I see it - Either breakout now or break down to give us further capitulation, a third bear trap, and then more upside coming into August.
I know... it'll go up or it'll go down seems like a cop out don't it? But let's be real everything is pretty knifes edge right now. Despite BTC becoming accepted as currency official in a fairly obscure country in the grand scheme on things - we've yet to see any bullish buying return.
On chain metrics are showing a lot of accumulation at this level so I believe that even if we do see a break down we will not break this range overall - but it will be a frustrating month for most to be sure.
BEST COURSE OF ACTION? Take what you can get right now but don't get too stuck in until we get a confirmed direction. Alts haven't been showing as much capitulation as BTC over the past few days with DEFI and NFT sectors largely blowing up - pointing to a shifting in the overall intelligence of the market into stuff that they can actually use for stuff versus stuff that they just saw on the news.
I love it when it's decision time!