Bitcoin is ranging inside July 18 candlestick. While it could be bullish from an effort versus result point of view, the simple fact is that the trend trajectory is negative. Connecting peaks of the last two weeks yield a negative gradient. Therefore, the path of least resistance is southwards.
Even so, and in line with previous BTC/USD trade plans, any surge past $11,200 confirms the under-valuation of July 17 candlestick. Remote as it is, that possibility could spur demand, lifting BTC to $14,000 and even $18,000 if the push is sustained.
Regardless, the current state of affairs is leaning towards bears. As a result, every high is technically a liquidation point with the first target at $9,500 for aggressive traders. Fitting stop limit will be above $11,200.
Technical Indicators
Leading this trade plan is July 16 candlestick. Extensive and bearish, buyers must rewind that day’s losses with equally high participation. Upswings past $11,200 invalidating this short-term projection ought to be with high trading volumes exceeding 43k of July 16.
Similarly, endorsing sellers, losses past $9,500 with high participation will be the basis for possible losses to $7,500.
Even so, and in line with previous BTC/USD trade plans, any surge past $11,200 confirms the under-valuation of July 17 candlestick. Remote as it is, that possibility could spur demand, lifting BTC to $14,000 and even $18,000 if the push is sustained.
Regardless, the current state of affairs is leaning towards bears. As a result, every high is technically a liquidation point with the first target at $9,500 for aggressive traders. Fitting stop limit will be above $11,200.
Technical Indicators
Leading this trade plan is July 16 candlestick. Extensive and bearish, buyers must rewind that day’s losses with equally high participation. Upswings past $11,200 invalidating this short-term projection ought to be with high trading volumes exceeding 43k of July 16.
Similarly, endorsing sellers, losses past $9,500 with high participation will be the basis for possible losses to $7,500.
Comment:
Was close to target then reversed awaiting long term target
Trade closed: target reached
