Long

Bitcoin Short-Term (Retest of $22,400 To Move to $24,600)

Updated

Short-term, BTCUSD is completing a retrace as we are seeing a bounce right above the 0.5 Fib. retracement level for the bullish wave that started 30-June.

We charted something similar for Ethereum (ETHUSD).
See the 'Related Ideas" below...

Notice the blue trendline, it has been working perfectly as support on the way up.

The RSI went through a full reset...
It is recovering from "oversold".

Bitcoin is going to retest $22,400 as resistance to push higher and challenge $24,680 next.

This analysis is invalidated on a full candle close below $20500.

Remember to hit like and follow for more cryptocurrency related articles.

Namaste.

Note

Going lower...

Additional support levels for potential bounce are mapped on the chart.
$20100 and $19455.

We stay bullish above these levels.

Note

Here is an updated version.

Please remember that trading has nothing to do with getting it right or wrong, nor any 50/50 about chart reading, trying is all about risk management, buying/selling and holding.

The charts are there just to assist us in our trading.
The charts can help us define the support and resistance levels.

Thanks a lot for your continued support.

AlanSantana

🔝 Daily Cryptocurrency Technical Analysis
followalan.com

🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)

🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com

Also on:

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.