With the hype around the Blackrock ETF approval dying down as investors are finally realizing that approval is not happening anytime soon, the demand has dried up and there is not enough pressure to keep 
BTCUSD moving upwards.
Additionally, many people were calling the
XRPUSD case win to be the catalyst for the beginning of the bull run, we all saw how that had an effect on BTC...
On the macro level, things have not gotten better either. There is simply no reason bitcoin should be moving higher when nothing has really changed.
Bitcoin is showing signs of weakness now and will slowly fade for the rest of the year before the 2024 halving.
Technical analysis shows the $FWB:25K area to be the first target for support. If it holds, we will likely consolidate there for some time. If it does not, we'll be looking at the $18.5k area for support.
A look at the Weekly RSI also shows signs of weakness and that we will most likely be heading lower for a longer period of time.
https://www.tradingview.com/x/GKBmsUP5/
I will not be shorting BTC but will not be holding any positions either until we move lower.
BTCUSD moving upwards.Additionally, many people were calling the
XRPUSD case win to be the catalyst for the beginning of the bull run, we all saw how that had an effect on BTC...On the macro level, things have not gotten better either. There is simply no reason bitcoin should be moving higher when nothing has really changed.
Bitcoin is showing signs of weakness now and will slowly fade for the rest of the year before the 2024 halving.
Technical analysis shows the $FWB:25K area to be the first target for support. If it holds, we will likely consolidate there for some time. If it does not, we'll be looking at the $18.5k area for support.
A look at the Weekly RSI also shows signs of weakness and that we will most likely be heading lower for a longer period of time.
https://www.tradingview.com/x/GKBmsUP5/
I will not be shorting BTC but will not be holding any positions either until we move lower.
Note
We've reached a key support area, if we break $28,350, we could be headed to 25kNote
The 25k price target has been hit earlier than expected. More weakness, to come, looking at the 23k as a next target.Stay tuned! The time to load our bags is coming soon
Note
BTC Death Cross imminent, could see a pump into it followed by a retracement and heading lower to 24.5k area
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.