Bitcoin continues to decline as part of our scenario. Yesterday there was a test of the level of 7700, but not reaching the stops of shortsters, the volume was not enough and the price was dropped to 7280. At the moment, BTC is held by the previously broken global resistance (blue line), 0.5 fibo (growth from 6100) and the zone of large trade 7300 -7500.
In this range, there will most likely be a flat with a subsequent decline to a very important support of 6700-6800, where there will be a major fight between bulls and bears. If we knock down, the BTC will be able to hold only the annual minimum of 5750.
Still there is a small probability of working out the bull's flag, but we have already reached the lower border a little.
The number of long positions is almost twice as short as the shorts, and if this growth was really a trap for bulls (as it was in 2014), then it was done masterfully. Against the background of the approaching bitcoin-ETF solution, everyone believed in the growth, the BTC dominance renewed the annual maximum. The best time to shave the market and fall to a minimum. The timing of this decision is likely to be postponed to September.
Total: I continue to sit in Fiat and wait for drawdown to at least 6800, open short, as I approach August 10-16, I will follow the news closely. Perhaps, I will partially enter the market with short stops and pull up the stop on the shorts.
The review was not too optimistic, but it is paying off. We took almost all the growth from 6130, now we are trying to take a + fall.
continues