๐ MARKET UPDATE JUL 24 ๐
Things rollin' in accordance with previous posts and technical a_nalysis weeks and months ago (if applicable to crypto charts and unregulated market conditions AT ALL and not overreacting to FUD/US Data/insider trading...).
Let's dive deeper with some chart tools and indicators into my greedy-bullish sentiment! point of view:
- Based on the Elliott Wave theory, there might be a pattern continuation. It started (encircled area picture one months ago) it's uptrend after retracing to approximately 27.5k with the leg 1 and painted a perfect leg 4 down to 56k, touching the 200 EMA on a 1d chart (picture 2), in order to finally take off for leg 5. Where will it land???: 103k are MY goal!
- Having tried the resistance @71-73 k three times, BTC should make it this time and swallow it easily, making the leg 5 rock solid as soon as closing above 74k. This will pose the last chance for late but safe entries (security oriented investors). Why should it reach 74k?: Check out pic 2 MACD and EMA crossing (encircled) for a long term ascending trend, and a nice rebound from the support line @EMA 200 (underlined)
Even as the RSI is a little oversold, the long term momentum should make it easy to surpass the resistance with ease.
Conclusion: If the market respects the demand and positive pushing into crypto by governments, institutions and big fishes, paired with fiat and gold struggles, i keep on expecting a new market ATH within the next months.
Any other chart readouts, friends? (Pardon embryonic painting. Underway and SPhone produced)
Cheers crypto pioneers! - Fair markets and following charts to everybody - Your T4P
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Do your own research. No financial services and advice - Subjective opinion based on some years in the market
