BTC Update for July’21

After seeing a blood bath in crypto markets, we are still very unsure about the movements in the markets. The death cross (50 DMA and 200 DMA crossover) puts suspicion over every move the markets make. After all, the death cross means the bear market in other trading assets. However, there are still many opportunities that are trapped for a good trader. And I am about to discuss a potential opportunity for the coming week!

Let’s start with Monthly, June was an exceptionally great month, where bulls tried to defend 30K and have won the battle! Which is a good sign that they are still active and haven’t laid the weapons in front of bear, which gives us a chance that the July candle can end up going green!

Coming to weekly, Let’s start with the opportunity that came across on 22nd June, when the prices dipped $28,750 and we saw a relief bounce from there, and after few days it again started to go lower, however, RSI showed the bullish divergence and being a Technical Analyst, I was sure that prices will be bouncing from there…

If I were to follow Elliot Wave Theory and other indicators, I must admit that BTC looks strong as long as we stay above $34,500 in major Time Frames, with a potential of $39,00 in the near weeks for wave 3.
Also, if we start getting closes below $32,500, then we might see $28,000 soon. However, on a personal note, I will be bullish for the week with a tight Stop Loss.

https://www.tradingview.com/x/YWn1XVPX/ (link for my TA Chart)

Disclaimer: Crypto markets are subject to high volatility movements, please do your own research before investing and trading.

Aishray Suryawanshi
Derivatives Market Crypto Trader. Technical Analyst.