Bitcoin bulls, don't get your hopes up too soon. Your levels.

28 ก.ค. 2017

I just want to take a quick minute to remind everyone that the previous trendline for which I drew the bottom of our bullish channel (GREEN) still remains significant despite the fact that it was already broken three times (down on the 10th, up on the 20th, and down again on the 25th).

That being said, I am not saying that we'll enter back into the channel again. But what I am saying that it can still act as overheard resistance, and indeed, as you can see from the chart, it has.

Bitcoin remains in semi-neutral territory here. Although, it is not bearish (downward sloping RED channel), it is also not bullish (at least, I wouldn't give it that credit) yet.

Any trades entered before the first week in August remain fairly high risk in my opinion, especially considering what we are seeing on my charts which is indecision/volatility.

Stay cautious and know your levels. The major levels I have indicated on the charts. Seven levels in our current area between the GREEN and RED trendlines are:

1) GREEN TL (currently around $2800
2) $2760
3) $2670
4) $2600
5) 50 MA (currently around $2550)
6) $2420
7) $2340 (which is also %78.6 Fib)

Happy trading friends!