The weakness this week in Bitcoin is setting up a potential engulfing bar for the week. Very early days though. I have been outlining a potential turning point in the week of 23rd July. This could be a turn up from further lows, or a pause/key continuation bar if we rally into that week.
Still neutral on Bitcoin. Chance of going lower but price still holds the late-2017 uptrend. Volume has been declining but this is due to the saturation point of early-stage investors. The overall market needs a new catalyst for institutional buying and new retail will only come in when market moves hit the MSM front pages (i.e. the top). Be careful with any buying. Overall downtrend on the weekly has been measured and wouldn't rule out a spike lower to really flush out weak hands. Drifting lower but a bullish catalyst would change everything in these markets so watching-and-waiting for now.
Still neutral on Bitcoin. Chance of going lower but price still holds the late-2017 uptrend. Volume has been declining but this is due to the saturation point of early-stage investors. The overall market needs a new catalyst for institutional buying and new retail will only come in when market moves hit the MSM front pages (i.e. the top). Be careful with any buying. Overall downtrend on the weekly has been measured and wouldn't rule out a spike lower to really flush out weak hands. Drifting lower but a bullish catalyst would change everything in these markets so watching-and-waiting for now.