This chart was posted July 4th, and I correctly predicted the important levels of resistance BTC faced. Check that one out if you are curious. Now to get to what everybody wants to know... what next?
Critical time for BTC. Our hope right now, is that the 7700-7750 resistance that once existed, has converted into support, as many times, they often do. It is holding as of this moment. That said, the MACD does not look good right now, as it is about to Death Cross on the daily (above MACD is the 4hr and is already bearish). We need the 7700 to hold as support. The 4hr ema has turned sharply down, and sell volume keeps putting the pressure. I would prefer you all to be in cash right now, but if you did take a position, I would tentatively be in as a long right now, but with a tight 1 ATR stop loss underneath the 7700. Let's hope the support holds.
(Not Financial Advice, best of luck traders).
Critical time for BTC. Our hope right now, is that the 7700-7750 resistance that once existed, has converted into support, as many times, they often do. It is holding as of this moment. That said, the MACD does not look good right now, as it is about to Death Cross on the daily (above MACD is the 4hr and is already bearish). We need the 7700 to hold as support. The 4hr ema has turned sharply down, and sell volume keeps putting the pressure. I would prefer you all to be in cash right now, but if you did take a position, I would tentatively be in as a long right now, but with a tight 1 ATR stop loss underneath the 7700. Let's hope the support holds.
(Not Financial Advice, best of luck traders).
Obviously yesterday was a really bad day. The 7700 support I spoke of broke. What we are seeing right now, (Aug 1st at 9:00ish) is a relief rally, running into the once again resistance at 7700. I have a feeling this is just a relief rally, and there is more selling to come. MACD histo on the daily supports the market weakness.