Technical Analysis 30.07.18 BTC
Bulls are back in business. Looking at the last report from CFTC dating 24.07.2018 we can see that the number of short contracts have diminished by appx. 900 contracts showing that bears are running out of steam, however the short-positions are still higher, nearly double than the long ones, therefore, the bears still feel that prices could drop. Having said this, looking at the 1day graph on BTC/USD, we can see an ascending flag being formed at the strong resistance of the 200 MA. If we see a break through this resistance we can see an upward movement to 8.600, 9.000 and then 10.000 which is our greatest resistance at the time being. Momentum and MACD look bullish good, with only the RSI showing some decline in purchasing power, however it is not in the overbuying zone. As long as we are above the 7.800 support we are still bullish, however this is our opinion based on technical analysis and is not an investment suggestion. Approach with caution any investments. Best of luck, all eyes on BTC!
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