BTCUSDT 19230 Private Update July 02 2022
The BTC macro view is still pointing down after the M closed below 20k
Even though price closed above 19666(Previous ATH), the overall trend is still being dominated by the bears.
The range 16-14k (M100ema) is the first downside target from the 21k resistance
The second target is at 11700-10500 or at the M100SMA.
Since last month's (June) open was at ~31500, there is little chance for bulls to regain the 30k in July.
So, If for whatever reason, bulls take a cheap shot above 21k in July, bears could use the
3D21ema or the 25-26k range as resistance to add or sell the rally and NOT Fomo into the rally
The 50D cycle is in favor of the bears as price will likely close below 30k macro support on the 50D cycle, which will close on July 19th.
The next 50D support is at 11-10k
The BTC macro view is still pointing down after the M closed below 20k
Even though price closed above 19666(Previous ATH), the overall trend is still being dominated by the bears.
The range 16-14k (M100ema) is the first downside target from the 21k resistance
The second target is at 11700-10500 or at the M100SMA.
Since last month's (June) open was at ~31500, there is little chance for bulls to regain the 30k in July.
So, If for whatever reason, bulls take a cheap shot above 21k in July, bears could use the
3D21ema or the 25-26k range as resistance to add or sell the rally and NOT Fomo into the rally
The 50D cycle is in favor of the bears as price will likely close below 30k macro support on the 50D cycle, which will close on July 19th.
The next 50D support is at 11-10k
