With the overall volatility index for Bitcoin being really low, it was expected that we see some massive impulsive moves. That's exactly what we saw. Within two hours, Bitcoin dropped from $8150 to $7880, then back up to $8180. It looked like a total V. This was definitely caused by liquidations of over leveraged positions.
As far as TA, goes on a macro scale, we are looking to break out of this bearish phase. We must get past $10k. With the looming ETF announcement, there has been plenty of bullish presence.
I have identified Bitcoin in a potential rising wedge, a bearish trend reversal pattern, in which this small bullish move up will end at $9200.
The blue line is the approximate path I see Bitcoin making. Bear in mind, we could definitely break down here, but I think we've got one more leg up. This may free up some breathing room for alts to make nice moves on the way down from $8800-9200.
If this wedge breaks down here, I'd expect low 7k's fairly quickly.
Be careful, and happy trading!
Cheers,
Andrew
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Posted from my blog with SteemPress : http://bullsvsbears.vornix.blog/2018/07/30/bitcoin-volatility-ta/