$BTC SHOWS STRONG RECOVERY ON THE WEEKLY CHART 📈
Forms a piercing candle in the last week.
📊 After a crash in the opening week of July sending BTC to its lows of $53485 from the ATH of $74K and post halving, the bulls have finally started to regain the arena. The reason being the weekly closing above the resistance of $57K (now support). Had BTC failed to close above this price, then a fall was imminent that could have taken it to 46K.
Although the bullish "Flag & Pole" pattern has been respected thoroughly in the last 4 months since it's formation, it still has to pass the crucial resistance of $65K.
📈 Now that the formation of a piercing pattern (previous week's candle) has pushed the price upward, we could be in for a reversal that might be taking it past the $65K mark. Holding above the support of $60K has been the key factor to provide that stability in the price. At the time of writing BTC has been hovering near the $63K level reaching a high of $63243 for the day which is more than 3% upside.
Following this price movement, a rejection can't be denied from $65K. So, don't rush towards taking a long position with big leverage. Strong support persists at $62 & $60K.
A lot of factors have escalated this price movement with Trump's failed assassination attempt being one of them. This week and the time ahead will be the most important period in terms of liquidity inflow and retail participation. With the ETH ETF dates nearing, July could be the month to fuel that take off long expected.
#CPI_BTC_Watch #Ethereum_ETFs_Expected_Date #MtGoxJulyRepayments #BinanceTurns7
