BTC - Weekly review. Should you hold your coins?

١ أغسطس ٢٠٢٢

BTC has high correlation with S&P so we will analyze them both globally and locally.

S&P Globally
We broke trendline on daily timeframe and coming to strong zone of interest. It's likely that we will bounce on first touch since approach is too sharp

S&P Locally
Again, can bounce from the key level, however if we accumulate for a couple days price may break through.
Also, we can see gaps that formed nearby, so it's better to be carefull since they may get closed soon

BTC Globally
We have yet to approach global trendline, breakout of which will confirm bullish trend. Right now we are still in bearish trend globally.

BTC Locally
We broke down zone of interest and now trading below it. That's makes market bearish. There is also a trendline that marketmaker drew. Until we are trading below it, once again, we are bearish.
If we come back above the zone or break the trendline, we will become bullish


Important Economic Events ahead
Friday:
US Unemployment rate JUL
US Non Farm Payrolls JUL


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P.S. Always do your own analysis before a trade. Put a stop loss. Fix profit in parts. Withdraw profits in fiat and reward yourself and your loved ones