Bitcoin - July 26, 2020 (Neutral)

Hello everyone,

... back with another update.

So:
- BTC broke out of the (short-term) ascending triangle (shorter fuchsia and blue arrows).
- BTC broke through the 9,800 resistance (bottom fuchsia arrow).
- BTC got (another) strong rejection at the 10,200 level (top fuchsia arrow).

Note that I don't consider 10,000 to be a significant level, but rather 10,200.

Given
- the strong rejection from the 10,200 level;
- the fact that we will most likely print a green 9 on the TD Sequential (unless tomorrow's close is below 9,617); and
- the (daily) RSI sitting around 75 (with the shorter term RSIs being significantly higher),
now would be a good time to take some profits (if you entered a long around 9,600) and/or set a stop-loss to lock-in your profits. 9,800 would be the common-sense level for your stop-loss.

On the hourly time frame, we are approaching the apex of a symmetrical triangle (lime green). Symmetrical triangles are usually continuation patters (hence, in this case, we would expect them to break to the upside). As you can see, BTC is indeed trying to break the triangle to the upside. Let's see how it plays out.

For the time being, I assume the action has passed. Hence I remain NEUTRAL (with a slight bearish bias).
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OPINION (unchanged): NEUTRAL (leaning bearish)

ANALYSIS (updated):
-----------------------------
See above.

GeertVD

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