BITCOIN NEEDS A BREATHERHi Everyone
BTCUSD has been in a very nice uptrend over the last week (8 days to be exact). In that time frame, we saw a low of $9,124 on July 28th and a recent high of $12,328 as recent as August 6th. Talk about volatility!
Since August 6th, BTCUSD has been in a correction mode on the 4HR and looks like its headed to the low $11,000's for a retest of key market structure.
As you can see by the white rectangle and white circles, the $11,000 level has been a key level of market structure over the past couple of months.
It is my prediction that the current uptrend will continue after we retest the 11K level. Looking at the 4hr, I see bullish convergence in Stoch & OBV over the last week and so I believe we could see levels in the 13K range sometime this week.
Always trade safely and never invest more than you can afford to lose.
And always, always remember: their ain't no laws, when you're drinking claws.
Thanks everyone!
