Last standing hope for btc

3 авг. 2018 г.

BTC has change direction quite sharply, leaving a lot of people in disbelief, including me. the OKex huge liquidation of 430 million has drive price down, threatening the strength of the bulls. we had a key level at 7394 which it looks like bulls are struggling to defend. However BTC is still holding the last strong support (7277) which is a confluence of the tenkan and 0.5 fib level, breaking that would be the sign that btc is back in a downtrend and the final target will be 5.8k. Despite this bearish outlook it looks like we have a small bullish divergence in the disparity index, if we have a confirmation from the candles a bounce would be expected to 7.5k-7.7k. The RSI has quickly turned bearish and looks like the main support is not gonna hold. However we are all holding our breath waiting for the SEC decision on a possible BTC etf. the 1 D chart lookf pretty bad overall but a dig into smaller timeframe is needed to properly asses the situation. btc needs to bounce today and at least over 7.7 to give me fully hope of a possible uptrend continuation to 9k (a bounce above 7.7k would form a morning star pattern) . one thing to not forget we have a huge wall at 8k due to the okex 430 m liquidation. Still bullish with a small position until confirmation below 7277 (7277-7.4 k is a NO trade zone right now, unless you have an aggressive strategy).