Since the 16th of July the price of Bitcoin has stayed under the daily pivot point indicating a bearish market in favor of SHORT orders. The initial “panic selling” seems to have subsided as we are now moving sideways around $271 USD per Bitcoin.
I’ve never been good with going SHORT, but I guess the massive selling spree got to me too as I have just closed a SHORT position in profit (that’s very rare for me). I am currently uncertain if it can go lower, but looking at the daily pivot points I can see almost two times more room in the downward direction, rather than upward direction. Does “more room” always mean it will go that way though?
Could go as low as $261
Around $261 I can see a support level that should by all intents and purposes hold for now. It’s likely we are going to test this area and it’s possible that we’re going to do this more than once. Breaking the 261-260 area would be a pretty grim outlook and I’d rather not speculate on this so early on, because the overall trend on the 1W chart is showing upward momentum. A lot can happen in short time scales though.
This post was written by ynef