BTC analysis 21 July 2021

21 июл. 2021 г.

Looking at the chart on the top, we have a bigger picture with confirmation of where we at right now. The top and bottom resistance and support are clearly layed out on chart. We have a side way channel with multiple confirmation including the low 29200 yesterday that works as further confirmation of the resistance and support.

So where are we possibly heading? and what are the cases that are in play?
Taking a closer look on the 4h level at the bottom chart, we have triple support lines ranging between 31 000USD - 29 000USD. Let us break it down and look at some possibilities.
We pattern that is playing now is a descending triangle. We might be in the wave D unless the triangle is broken upwards.
Case 1 (Bullish) - we break the triangle upwards on this wave C attempt and we have a short-med term bullishness.
Case 2 (Neutral) - we dump again to the 30 000USD - 29 000USD level again for a retest and bounce back up for the E. In this case, the price will tell us whether we break this E resistance or we dump back down again. This is a good swing opportunity.
Case 3 (Bearish) - We dump down to 29 000USD on this D wave coming down and we break it this time to 24 000USD.

I am currently in a short position unless the triangle is broken upwards. I will rebuy at a retest in this case. Or at wave D bottom.

Kind regards
LZ