BTC 4H - STRUGGLING @ 12K, SURFACE OF THE DARK ABYSS
# Bitcoin is still struggling to reemerge from what we called the surface of the dark abyss (see comment + our previous analyses).
# Current weekly red candle suggests bitcoin price could revisit recent low @ 10580 (02 August), unless we see a green candle (recovery candle) in the next few weeks (monthly closing, opening week of September), this pullback could drag the price toward important support @ 10490.
# We would not be surprised if 11000-10800 is holding and price make a sudden surge, especially when August monthly close is nearer. On the other hand, a deeper drop would always be a good opportunity to make a buy and holding a swing position.
# We currently not in any position, watching this uninteresting episode only from the sidelined. Our current position was supported by a series of low volumes on weekly chart (see comment).
Additional notes: U.S dollar made a decent recovery from a sell-off, gold also on pullback action. Stronger dollar to buy on the dip? Bitcoin is a digital gold? Some food for thoughts.
DYOR Always
# Current weekly red candle suggests bitcoin price could revisit recent low @ 10580 (02 August), unless we see a green candle (recovery candle) in the next few weeks (monthly closing, opening week of September), this pullback could drag the price toward important support @ 10490.
# We would not be surprised if 11000-10800 is holding and price make a sudden surge, especially when August monthly close is nearer. On the other hand, a deeper drop would always be a good opportunity to make a buy and holding a swing position.
# We currently not in any position, watching this uninteresting episode only from the sidelined. Our current position was supported by a series of low volumes on weekly chart (see comment).
Additional notes: U.S dollar made a decent recovery from a sell-off, gold also on pullback action. Stronger dollar to buy on the dip? Bitcoin is a digital gold? Some food for thoughts.
DYOR Always
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