Watching for 60K to Sell again

٨ يوليو

Morning folks,

So, BTC has dropped slightly more, as we've suggested but daily oversold hasn't let it to touch strong weekly 50-52K area that we've mentioned.

Despite that overall context remains bearish, we prefer to wait for some rally to sell into. BTC now near weekly K-support, just has completed daily OP downside target and at daily oversold.

It would be nice if we get bounce to 60K area. But price action might be different. Either in a way of AB-CD, as it was last time. Or, it could try to flirt with lows and form downside butterfly. For taking a new short position this doesn't matter. But if you plan to take intraday long positions - this could be the challenge.

We suggest that direct upside AB-CD is more probable, because of completed downside OP target and daily oversold.

Anyway, our plan for now as follows - wait for a bounce, supposedly to 60K, then try sell again.