Daily Report – Bitcoin and Market Update (July 22 2020)
Middaily rejected upper Bollinger Band with momentum still having room to grow. Both of the Bollinger Bands are going parallel in completely flat channel and unless we close middaily session ABOVE the upper boundary or BELOW the lower band, it would most likely bounce off them like a ping pong. Key middaily confirmation of upside expansion towards 10k would be brought only by bitcoin close 12h session above most recent high 9570. Otherwise, we would retest the median 20 around 9200 and optionally lower band 9000. Local movement is still trapped in a range between 8950 and 9570. Breakout retest above 9570 is likely great short-term long entry. Breakdown retest below 8950 would be of better short-term short-entry, although for monthly bullish momentum I still prefer to long bottoms more than short tops.
MTF price action retested range highs on the linear chart that represents the price “essence”. It means this retest after breakout above MA50 and MA200, being above key Volume level for price at 9250, would need to hold the MA supports to later push towards 9600 resistance. We could expect actual volatility within next few hours. It often comes when US joins the market around 4pm UTC and around the daily close midnight UTC. This volatility may threaten some of the strongly pumping altcoins and cause cascade dumps on those. Make sure to secure profits, take some off the table and realize the earnings. Remember, unrealized profits are no profits. You’ll find out more in #video-report for our exclusive subscribers and Live Trading Stories #3 livestream that I will host on our official instagram 3:30 pm UTC with the link below. Don’t forget to check our brand new podcast with Aluna, one of the most consistent guys on CT since years and his interesting project. .
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