BTC July Trading Strategy
Updated
At the end of June, BTC transitioned to a D1 summer range (tentatively 58,000-73,000). This marks the start of a long-term trend pull-back, which opens up the possibility of a deeper pull-back to the 50,000 zone (check BTC 2024-2025 outlook).
However, during the last weekend, we saw a significant long interest coming into the market from the bottom boundary of the D1 range, confirming a strong support zone there.
Therefore, the interaction of these two factors will likely cause the market to settle into a short-term range between 61,000 and 66,000 before the medium-term scenario becomes clear (either staying within the D1 range or experiencing a deeper pull-back).
Such market conditions should be favorable for intraday trading within this short-term range:
The risk lies in the potential end of the range and the realization of one of the two medium-term scenarios.
However, during the last weekend, we saw a significant long interest coming into the market from the bottom boundary of the D1 range, confirming a strong support zone there.
Therefore, the interaction of these two factors will likely cause the market to settle into a short-term range between 61,000 and 66,000 before the medium-term scenario becomes clear (either staying within the D1 range or experiencing a deeper pull-back).
Such market conditions should be favorable for intraday trading within this short-term range:
- selling when the price approaches the upper boundary (66000)
- buying when the price nears the lower boundary (61000)
The risk lies in the potential end of the range and the realization of one of the two medium-term scenarios.
Order cancelled
Long interest that came from the bottom boundary of the D1 range capitulatedThe risk materialized, now we have a medium-term scenario of deeper pull-back ongoing.
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