BTC 4TH AUG.
Where are we now?
We hit the support turned resistance area and came back don as expected.
I think it was always going to happen regardless of the news about Starbucks and the NYSE news.
Which is bullish and has to be taken into account when looking to the immediate future.
The market normally takes a day or two to react to news, but it is the weekend.
That news could take us up to the breakdown line at $8000.
We might range around $7300 - $7500 for a few days and tighten up before making a move higher on Monday and down to test the breakout levels at $6800 - $6900
https://www.tradingview.com/x/6Zp3WRgE
Looking on the daily we are in a strong area with lots of support in price and also sitting on a few EMA'S.
We may hang out and range here and then bounce up to about the 50% retrace from the move down, which converges with descending trend line and also the breakout zone.
https://www.tradingview.com/x/lbsoFq1a
Would love to see something like this play out
https://www.tradingview.com/x/htec1Wzv
I don't think it is crazy to expect a bounce somewhere here.
We have had a dramatic enough slide and we are in very oversold territory on the RSI on all time frames.
Lots of historic support around this area.
Possible A,B,C correction, could go as high as 50% retrace which would line up with the descending trend line from the high.
