57-59K to sell

5 août

Morning folks,

Wow, we've talked about just 60-61K pullback, but BTC just collapsed and has become once again the victim of sell-off. Investors sell "bad assets" to plug holes in balances of "good assets". And from this point of view - BTC is a "Holy cow" of this process.

Besides, when 30% of the market is controlled by ETF, I wouldn't be surprised by any action. D. Trump needs as many BTC as he could get and he needs it cheap, so... BlackRock&Co still has a lot of job to do...

Obviously patterns that we've discussed last time - just have not been formed, market just dropped, no H&S.

So, based on daily picture, BTC is oversold now, but in perspective it is aimed on next downside target at 43K area. Now we're watching for technical bounce, at least to 57-59K area, where we return back to discussion of short entry.

Scalpers could try to buy this bounce, if any bullish patterns will be formed on 1H and below.
I mark this idea as bullish, because we're watching for the bounce. But our major view is bearish
in longer term.

Take care.