Today is the 10th July 2020, let’s get another daily technical breakdown published and talk about some of the recent moves we have seen on both the LTF and HTF charts. I hope this newsletter helps to explain in more detail my current bias for PA and where I think we could be heading over the coming days, weeks, and months! Enjoy!
Bitcoin Daily Breakdown
Firstly I think I want to open this newsletter up by looking at LTF BTC at the moment as we have seen a pretty harsh rejection over the past 24 hours. Currently it seems that price is fighting to get back above this range EQ with strength and it seems as though bulls are currently struggling, a high possibility that we retest this range low.
Unless BTC can get back above this range EQ (red box) in the coming hours or possible the daily close then I think we will see price continue to fall back to $9050 which once again will have to be defended. I’m not sure how long price can keep testing this range low level and keep getting bought back up, we have already tested this level three times previously so the next retest could be the one that breaks it.
Price is still ranging between $9050 and $9500 which HTF is still great to see, especially as we recovered from $6000 so fast on the February drop, I think the longer we are ranging here the better for HTF price action. It is great to see new buyers coming into the market and Bitcoin generally stabilizing at these current levels.
HTF price generally is still looking good still as holding above $9000 is generally a bullish sign in my opinion. It’s very important that this $9000 level continues to hold over the next few weeks and month if we want to end up breaking above and heading back to ATH levels. I think if we broke down from here and broke below $8600 then I think we could quickly turn bearish and start to see some nasty price action.
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I think ETH/USD on the other hand is still looking pretty decent right now, we saw PA test $248 two days ago which is a key level of resistance that we have been respecting for the past few weeks, currently now seeing a pullback due to the pullback on BTC but honestly I am feeling more bullish on ETH compared to BTC right now. Would love to see if price could close above $240 on the daily and hold that level as support, but if we look at my LTF chart the next support level is $238 so that is where I would be looking for price to hold. Still bullish in the longterm, still holding my spot.
I think with the rollout of ETH 2.0 over the coming few months I am more bullish on ETH over BTC, I think ETH will build a lot of momentum in terms of PA from this fundamental shift int the network and I am personally really excited to see how it goes. I would be adding to my longterm spot positions if we see $195/$205 region tested once again. In terms of LTF $238 is important to hold as support as I previously stated.
I also wanted to talk about DOGE as this was a chart I shared twice over the past 3 months, It was mentioned in my ‘Top 3 Altcoins for 2020’ which was sent out only my newsletter. It’s amazing the number of messages that I have received about people taking profits and enjoying some nice gains off this altcoin pick. I took profits off the table around 50 sats but I am still holding some of my bag as my entry-level was pretty good and I still think we can see some more upside momentum. It seems as though price is selling off a little after the momentum dies down but generally I think we can see a major cycle to the upside in the longterm.
- Thanks for reading, Cactus