Looking at the Monthly trend of the market we can clearly identify 4 moments. A 1st moment where the market broke the support around 500 and entered a bearish period tanking to the 390 range before rallying and entering 2nd Moment. In this period support was in the 400-440 range and resistance set around 460 (below 1st moment support). It broke support once more and dropped to 380 and kept on being bearish. The 3rd moment saw a clear bearish channel with both support and resistance in a downward trend (below previous moment), unlike two previous moments. After we entered 4th moment with recent rally we are seeing a support level already above 380 (3rd moment resistance) and a more neutral channel without a defined trend. This moment in the coming days will define if we are witnessing a recovery to levels of 1st moment at least, if it stabilizes and then moves up we may have a break to 500 levels, that will take a few moments to materialize all the way to August. Of course this is crypto so anything is possible.
Comment:
As analyzed, we had a 4th moment that showed us a neutral trend and has now been followed by a rally to a new moment. We may be witnessing an incremental rally during July.