$7150 target for BTCUSD explained
Updated
Bitcoin is looking for a lower high that would correct the july upswing. I think the $7150 area is a likely target for several reasons. One is that a line connecting the lower highs on the weekly chart line up there and they say that previous resistance becomes new support.Two is that it is a 50% fib retracement of the monthly july upswing and three is that it connects the two higher lows of the monthly upswing.
There's another reason: it would be a bullish lower high on the weekly chart and that coincide with the very bullish action we've seen over the last weeks. July 24th especially saw large volumes and a daily RSI of almost 80. We haven't seen such relative strength since december 16th last year.
I remain bullish on the crypto space in general and BTC in particular. BTC is a currency and isn't controlled by central banks. It is a far better currency than e.g. the Venezuelan Bolivar and many others that are manipulated by corrupt regimes to make their cronies wealthy. While it takes time for that to sink in, sink in it does. The sooner BTC is a real option in such countries, the sooner such regimes will fall. And that's awesome. Venezuela has most oil reserves on the planet and yet is so corrupt that people have to flee and die of starvation and rampant regime-fueled crime. More people died violent deaths in Venezuela than in Iraq in 2016 this while Iraq had ISIS. (And yes they both have the same population) That's shameful. At any rate, the sooner people in such countries realize that they have a choice, the sooner the benefits of decentralized crypto currencies will become clear. I can't wait.
Good omens. Does that all amount to investment advice? Of course not.
There's another reason: it would be a bullish lower high on the weekly chart and that coincide with the very bullish action we've seen over the last weeks. July 24th especially saw large volumes and a daily RSI of almost 80. We haven't seen such relative strength since december 16th last year.
I remain bullish on the crypto space in general and BTC in particular. BTC is a currency and isn't controlled by central banks. It is a far better currency than e.g. the Venezuelan Bolivar and many others that are manipulated by corrupt regimes to make their cronies wealthy. While it takes time for that to sink in, sink in it does. The sooner BTC is a real option in such countries, the sooner such regimes will fall. And that's awesome. Venezuela has most oil reserves on the planet and yet is so corrupt that people have to flee and die of starvation and rampant regime-fueled crime. More people died violent deaths in Venezuela than in Iraq in 2016 this while Iraq had ISIS. (And yes they both have the same population) That's shameful. At any rate, the sooner people in such countries realize that they have a choice, the sooner the benefits of decentralized crypto currencies will become clear. I can't wait.
Good omens. Does that all amount to investment advice? Of course not.
Note
So that was far too bullish: BTC broke that support big time and touched the longer term weekly low. We may see another repeat of that at this time. And perhaps another one until BTC breaks out either way. My guess is bullish but that guess is more a fundamental call than a technical one.
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