BTC/USD Update 7/27/2018

Daily

The past two days were a bit of a slump thanks to FUD surrounding the Winklevoss Twins' Bitcoin ETF pitch getting rejected by the SEC. However, we still saw a bit of life in the market today as BTC bounced back more than $400 off a previous semi-strong support line that was tested in the past by the indicated arrows. If we can break $8500 USD, I believe we can have a shot at hitting the top of this cloud. Keep in mind, both RSI and Stoch aren't in the best positions, but it is still a possibility. As long as we continue to make higher lows, I'm a snug as a bug.

4-Hour

Now this is a thing of beauty. The large red candle was the news concerning the rejected ETF, but BTC answered back with a nice green candles several hours later. Now, the overall uptrend is nice, but we made a lower high with that FUD candle. Continuing to do that may prove disastrous in the short term. Hopefully we can re-establish the Tenkan as a means of support here with the next candle printing. Stoch looks nice and RSI in a decent location. We believe in you, BTC.

-Disclaimer-

This post is merely my own personal analysis and should not be taken as financial advice. I am not a licensed financial advisor. Always do your own research before making any investment decisions. Stay safe out there.

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