BTC/USD, Technical Outlook, Edition #58 (21/07/21)
Bulls display a show of force by taking back the 30k level and above. However, will this short term movement translate to a trend reversal in favour of the bulls?
Bitcoin breaks upwards above the USD 30K level. However, will this be a genuine reversal or just a bearish re-test?
Bitcoin sees a bullish reversal after failing to drop below 29K USD and now attempts to flip USD 31K back into support.
Bitcoin, BTC/USD - 4 Hour (H4)
Put simply, this is the crossroad for Bitcoin, and with good reason. If BTC/USD can manage to climb above USD 32.5K, then our bulls have an opportunity to invalidate the chances of a bearish re-test at USD 31K.
Conversely, if the bears take the wheel once more and Bitcoin slips USD 30K below, we may see fresh lower lows around USD 27K.
The potential bullish pressure causing this short term reversal could be related to a Bitcoin conference being held with Elon Musk, Jack Dorsey of Twitter, and Cathy Wood of Ark. “The ₿ Word,” a July 21 virtual event hosted by the Crypto Council for Innovation and featuring major players in the crypto space.
However, this could be a “buy the rumour, sell the news event” as the market looks for a new catalyst to trigger another run.
Until BTC/USD closes above 32.5K USD, the bears are still in charge of the market for now.
Bitcoin managed to bounce back above the USD 30K level. A large Bitcoin event could have been the short term trigger, but it’s best to wait until Bitcoin can clear higher levels before committing to the long side again.
See you again for the next update.
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