ðĪ #BTCLIVE - 07.10 ðĪ
TLDR:
*Bullish:Bearish
Short-Term
80:20
Long-Term
45:55
OVERVIEW:
Favouring the bearish sentiment now with the break down of the short timeframe ascending triangle due to the fed news dropped. This sentiment will likely continue to $18.5k where we will see the first key long term support and also the bottom of the longer term market structure of the descneding tirangle. In a macro sense there is a weekly descneding wedge which would suggest a new local lower low to about $16k. If we bounce and hold at $18.5k then a revist to $19.8k would n't be unsurprising. The next break up of $20k would be an extremely bullish sentiment and an initial $21.3k would be a good target - this would have bigger implications with breaking out of a macro bear trendline.
TECHNICAL ANALYSIS:
Bullish Factors:
+ Broken 20DEMA
+ Bullish Divergence On Support
+ Breaking Key Supply Zone
+ Bullish CME Gap
Bearish Factors:
- VWAP REsistance
- 50DEMA Resistance
- Descending Triangle Pattern
- Longterm Trendline Resistance
KEY NEWS:
- US
Non-Farm Employment Change
263K 248K 315K
- US
Unemployment Rate
3.5% 3.7% 3.7%
- US
Average Hourly Earnings m/m
0.3% 0.3% 0.3%
- Binance $1.5b BNB hack
- BREAKING: VISA to launch Bitcoin and crypto backed debit cards in 40 countries in partnership with FTX!
- NEW: Bitcoin will be a catapult for Latin American nations - Mexican Senator Indira Kempis
TLDR:
*Bullish:Bearish
Short-Term
80:20
Long-Term
45:55
OVERVIEW:
Favouring the bearish sentiment now with the break down of the short timeframe ascending triangle due to the fed news dropped. This sentiment will likely continue to $18.5k where we will see the first key long term support and also the bottom of the longer term market structure of the descneding tirangle. In a macro sense there is a weekly descneding wedge which would suggest a new local lower low to about $16k. If we bounce and hold at $18.5k then a revist to $19.8k would n't be unsurprising. The next break up of $20k would be an extremely bullish sentiment and an initial $21.3k would be a good target - this would have bigger implications with breaking out of a macro bear trendline.
TECHNICAL ANALYSIS:
Bullish Factors:
+ Broken 20DEMA
+ Bullish Divergence On Support
+ Breaking Key Supply Zone
+ Bullish CME Gap
Bearish Factors:
- VWAP REsistance
- 50DEMA Resistance
- Descending Triangle Pattern
- Longterm Trendline Resistance
KEY NEWS:
- US
Non-Farm Employment Change
263K 248K 315K
- US
Unemployment Rate
3.5% 3.7% 3.7%
- US
Average Hourly Earnings m/m
0.3% 0.3% 0.3%
- Binance $1.5b BNB hack
- BREAKING: VISA to launch Bitcoin and crypto backed debit cards in 40 countries in partnership with FTX!
- NEW: Bitcoin will be a catapult for Latin American nations - Mexican Senator Indira Kempis
