Bitcoin update 14–07 — Retest on support or break down to 24K?

It is already a week ago since the last update , I was a little off to prepair myself for the coming period!

So let’s have a look at the daily chart, the only strength trend that we could see is that the chart makes a constantly lower high (what is a bearish sign). Also, we already have seen multiple tests on this support line (around 30–31k so that could mean that the support is become thin and will be broken soon.

So 2 scenarios:

  1. The support will be broken (by a daily close) and we will see BTC heading to ~24K.
  2. The support will hold and we will see another move up. (maybe even break the downtrend).

On the 4H chart, we confirm the bearish movement of what we also see on the daily chart. It is ranging between those levels, creates lower lows and lower highs. So it depends on which way will be broken before we could tell if we are heading up or down but the strength is still bearish so be prepared!

Bouncing from here is also possible, then we have made a lower low and we will head to make a new lower high. That would be around 34k.

Conclusion:

We are still bearish on the current charts of bitcoin. So please be careful with your investments!

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Crypto Trader & investor since 2017