BTCUSD: Dipping, first support reached- This is an update to the Jul 18 post/idea -
Following an enthusiastic rally, the market has finally taken a breather, dipping to the ascending support level currently at of $64000. There's even more substantial support at the $61,800 level, where we can expect more buyers to jump in if prices dip that low.
Looking at the bigger picture, the bullflag pattern that started in March seems to be nearing its end. After finding a bottom in early July, we may be ready to continue the upward trend and potentially surpass previous all-time highs. However, it's important to stay cautious as market conditions can change quickly. Our response should be guided by our well-thought-out plans.
For those with a taste for calculated risks, the current levels or lower support levels could be attractive entry points. That being said, let's remember that we are still technically within the currently active bullflag/retrace (downwave) that began in March, so it's important to maintain a sense of caution. A clearer bullish signal will emerge once we break out of this range decisively, paving the way for more confident optimism.
More to come..
