Bitcoin is entering August with some nice volatility, and like I reported last week, sellers stepped in above $8000, market is correcting and we are currently back in our previous support zone. Lets take a look at the charts.
For fun and educational purposes I added a possible road of recovery in blue candles.
Should we fail to consolidate above $7600 the market will test the lower support range. The price action has left the top part of the channel so this tells us that the momentum is strongly with the bears and there is a good probability that we will test the bottom part of the channel again.
This green box would be the spot where the higher risk traders will try to buy in before the bounce, should all the fundamentals stay unchanged and momentum is in favor of the bulls. Like I stated last week, it is normal for markets to experience corrections after the % gains we experienced last month.
Over trading is getting many day traders rekt at this point, be sure to do your homework before putting your hard earned cash into crypto trading.
- This reply was modified 5 months, 3 weeks ago by margincall.