#018

The Rebound.

Good morning to all Bitcoin activists, partisans and believers alike.

Summer months are usually pretty boring market wise. The big players aren’t here, spending the whole month of August in Italy. On a Super Yacht.

It’s alright. I’m jealous too. We still have each other! Right?

The market decided to help and give us something to nibble on meanwhile. Orange Coin aficionados rejoice! We’ve got a pretty nice fight going on.

The 200 Weeks Moving Average. Still on everyone’s radar. Tested. and re-tested.
In a Cirque du Soleil fashion, Bitcoin’s price is walking on the thread of long term sustainability. Currently doing backflips on a very tiny rope. Are you entertained?

Trend, Support and Resistance, Moving Averages

In my previous Newsletter, “The Litmus Test”, I outlined $21,800 as the lowest price could go to keep momentum alive.

We aren’t there yet as the Weekly 200 Moving Average is being a fantastic point guard. But let’s be cautious. The more we test a support, the weaker it gets.

What I’d like to see now is upwards momentum. Bulls validated this 22,500$ area as support. If they can’t pick it up soon, it is no bueno.

We’ve had a few rejected pushes. Tried, failed. Now we’re back at our holy support.
Every test is weakening the zone. We must liftoff in the very near future.

I remain bullish until we close under the 200 Weeks MA. If we do, I’m not sure bulls will be able to hold it together. Let’s not predict anything. Reacting is what matters.

As we dance with the trend, the outlook is bullish to neutral. We remain optimistic until proven otherwise. We must have faith. The market gods shall bring us volatility anytime soon now. Let’s prepare for it.

Not touching anything if we go lower here. Becoming a buyer if we can print a higher high. Because the trend is what matters. We buy into strength. We sell into weakness.
Flowing with the market is the key to consistent success. I wish you good fortune.

This is not financial advice.
Please always do your own research.