If $30K Breaks, Bitcoin Could Fall to $20K FAST (July 16 Forecast)
Bitcoin fell on Thursday, giving back all of yesterday’s gains and then some, closing the daily candle below $32K. This is an ominous looking chart and Bitcoin looks ready to fall off a cliff if it breaks below $30K.
(July 15, 2021 8:30PM EST)
All eyes are on $30K as Bitcoin looks to retest the support level and bottom of this $10K range once again. Although this time, after having traded below the 50 and 200 Day EMAs for weeks now, Bitcoin could be ready to roll over to a lower low. Whenever Bitcoin got closer to $32K, it tended to bounce quickly over the past 2 months, whereas now it’s a slow grind lower. This is not encouraging for Bitcoin as it looks like buyers are afraid and shorts are heavy. Short-term, we’ll likely see $20K-$29K Bitcoin.
But that’s not such a bad thing, as long-term Bitcoin is still in a macro bull market cycle. From a probability perspective, sellers are simply chasing the trade at this point; the point of least resistance over the med-long term is up, not down. For nearly all investors/traders, bull markets are when you BTFD, not fade the rally (small subset of active investors). I continue to add on dips, especially near major support ($30K) and lower support (78.6% fib around $21K). Given all the bullish fundamentals and technicals developing and coming to light on a weekly basis in crypto and Bitcoin, there is no reason to believe we’re about to enter a multi-year bear market. As a matter of fact, if you were wishing for cheap Bitcoin to get in when it was at $65K, now’s your chance.
BTFD. Fundamentals have not changed. Daily and even weekly charts will show relatively large corrections; this is standard bull market behavior. Now that another altseason has been spectacularly squashed, this sets us up for another Bitcoin leg up to new highs. By nearly every measure, we are nowhere near a top; in fact, we are maybe halfway through this bull market. What do you do during bull markets? Buy. The. Dip.
Support: $30K, then 78.6% fib retracement around $21,679.
Resistance: $35K, $40K, then $45K.
Originally published at https://www.publish0x.com.