Daily Report – Bitcoin and Market Update (June 27 2020)
Middaily trading within series of dojis and spinning tops that sooner than later (likely before weekly close) should lead to a large breakout. Currently trading inside 50-62% retracement pocket of Fibonacci, which has not been showing any stronger demand so far. Retail traders are waiting and not buying as of now which is very clearly shown in the candles. PA trading below MA50/100 above 8400 support by MA200 which may be the next step if we break out to the downside. Bearish Momentum is slowly melting inside oversold area already, while remaining still within downtrend and quite a distance from MA shadows filter that bulls need to break above to bring back bullishness. No shorting area to me as of now. Only shorts may be taken safely at the retest of MA50/100 breakdown at 9400-9500. Until then it’s neutral zone : short term downtrend is slightly weakening and no clear reversal signal as of now. For any larger trade I highly suggest you wait for moves I mentioned above.
MTF trading inside a contracting consolidation (bear pennant?) after the breakdown of trendline. PA trading below all key Mas: 200, 100, 50. Momentum is upsloping in a corrective manner so far – not showing enough strength to develop reversal out of it so far. Breakdown of the pennantish structure may result in retest of target area 8500s. The closer the momentum trades to the overbought area, the safer are the shorts. Local range is 8852-9800. Find more exclusive insights and details as always in #video-report channel. P.S. 50% discounted lifetime seats are unlocked, live and running on our website. If you missed out in February, then there’s not going to be another chance than this.
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