BTC Analytics Jul 20
Hello everyone!
By tradition, let's start with fundamentals and news. Market cap is $1.21 trillion, dominance index is 49.92%. The fear and greed index is 56 (Greed). In interesting news, Tesla announced that it hasn't sold previously purchased BTC. At the moment, the company is holding BTC worth about $184 million.
After reaching the local minimum of 29500$ of the current sideways range - there are attempts of bulls to return the price to this former sideways range of 29500-31500$ in which the price has been moving for a month.
During the day BTC was in a narrow range after the IMB overlap.
Compression was removed at the level of 30400.
The market, we can say is organic and moving along the path of least resistance.
Now we can observe a set of local Long positions by market participants, and their stop orders (Stop order for long position = market sell order) will be triggered at the next wave of decline, which should break the level of 29500. This will trigger a decline to the level of $28500, the main target of the correction. So far we are following our blue scenario.
But we should not forget that a retest of the 30500-31000 zone is also possible, after which we can expect a wave of decline to reach the main correction target of 28500-28800.
Therefore, it is not recommended to take positions outside the key zones.
Good luck and patience to everyone.
Always in touch,
Relictum Analytics
By tradition, let's start with fundamentals and news. Market cap is $1.21 trillion, dominance index is 49.92%. The fear and greed index is 56 (Greed). In interesting news, Tesla announced that it hasn't sold previously purchased BTC. At the moment, the company is holding BTC worth about $184 million.
After reaching the local minimum of 29500$ of the current sideways range - there are attempts of bulls to return the price to this former sideways range of 29500-31500$ in which the price has been moving for a month.
During the day BTC was in a narrow range after the IMB overlap.
Compression was removed at the level of 30400.
The market, we can say is organic and moving along the path of least resistance.
Now we can observe a set of local Long positions by market participants, and their stop orders (Stop order for long position = market sell order) will be triggered at the next wave of decline, which should break the level of 29500. This will trigger a decline to the level of $28500, the main target of the correction. So far we are following our blue scenario.
But we should not forget that a retest of the 30500-31000 zone is also possible, after which we can expect a wave of decline to reach the main correction target of 28500-28800.
Therefore, it is not recommended to take positions outside the key zones.
Good luck and patience to everyone.
Always in touch,
Relictum Analytics
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