Bitcoin weekly flow overview

2020年7月3日

Many investors and traders are still optimistic about bitcoin. But how positive are they while price have been stuck in consolidation from first of May till now. It is hard to be patient and I'm really sorry for many Hodlers, who are 100% sure that Bitcoin will continue bullish trend without any retracement. I honestly believe Bitcoin will continue bullish, once price will break through ''Sellers supply'' with such a volume that will stop sellers. After that we can still expect some kind of retracement but maybe not big one for some time.

As a trader I personaly like to see what's going on at the moment with price and where is our chance to take opportunity for buying more Bitcoin or melting them into USDT as a traditional trader or you can play it by leverage and follow shorts and longs once price will break important levels. Important level for taking short position is below 8860$ level. If buyers are able to stay positive for longs, we have to wait for price to break 9500$ resistance level and stay above for some time.
In case, sellers will continue then price will follow our expected targets; T1 short = *7200$, T2 short = *6500$, T3 short = *5500$
In case, buyers will continue then price will follow our expected targets; T1 long = *10500$.

Good to know:
10500$ resistance level is critical to buyers. Price got denied many times (from mid 2019 till now) and each retracement increased after by lenght and power.