Thursday BTC Analysis (07/27/2023) - Weekly BTC Analysis
Last week I talked about BTC breaking down towards 28K
although this did not happen yet we are currently rejecting from the broken support now resistance at around 29.5 - 29.6K
Like the white line on my chart we could prepare for another move down towards 28K if we don't reclaim this area
If we however do reclaim and close above the 29.6K area at the end of the week we could see a new influx of bullish momentum because of the "failed breakdown" narrative to push the prices to the high's of the range again
My play is to still wait it out and see how we close this week and make decisions based on that
My bias still goes toward another move down to 28K for the time being
although this did not happen yet we are currently rejecting from the broken support now resistance at around 29.5 - 29.6K
Like the white line on my chart we could prepare for another move down towards 28K if we don't reclaim this area
If we however do reclaim and close above the 29.6K area at the end of the week we could see a new influx of bullish momentum because of the "failed breakdown" narrative to push the prices to the high's of the range again
My play is to still wait it out and see how we close this week and make decisions based on that
My bias still goes toward another move down to 28K for the time being