Trading bounce in Crypto is done

For the crypto traders, this morning’s technicals are giving me trading sell signals for BTC ($33,389) and ETH ($2,289).

The respective 13% and 29% bounce from my June 24-26 buying calls (see previous posts) is surely adequate. Although I’m not sure if that’s adequate for the crypto crowd?

….now I’m looking for a test of those recent lows.

What we just saw was a trading bounce in the midst of medium term downtrend.

For example, if Bitcoin breaks back below $29,500, then the $24,000 area is next with a visit to $19,600 representing a good shake-out.

July 8, 2021

by Rob Zdravevski

rob@karriasset.com.au