Bitcoin - August 7, 2020 (Bullish)

BTCUSD

Hi everyone,

... back with another update.

I have been quite busy with work the last days, so this is gonna be a quickie.

In my previous post, I mentioned that my bias would flip from bearish to bullish if we had a 4H candle close above 10,400.
That happened and as soon as I spotted it, I entered a long position. Unfortunately, I got stopped out, because of a few flash crashes with a long wick.

Today we have seen mostly bearish action, but I am not (too) concerned yet.
We have, essentially, in this order, witnessed
- the break down from the small (black) rising wedge (on 1H time frame);
- the breakdown from the bigger (cyan) rising wedge;
- an attempt to break (to the downside) through the (lower) 11,500 area (the .618 Fib level).

The latter level is currently acting as support.


In my opinion,
- some downwards action is good, because it allows the RSI e.a. to cool off;
- the 11,400 - 11,500
** should provide ample support;
** is a good area to buy (with a stop-loss around 11,330, i.e. the .50 Fib).

I will remain bullish, until the 11,300 level is taken out with significant volume.
___________________________________________________________________________________________________


OPINION (revised up): BULLISH

ANALYSIS (updated):
-----------------------------
See above