Trading bounce in Crypto is done
July 8, 2021 Leave a comment
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
