BTC Update 25.07.2018

BTC Update 25.07.2018


As we predicted in our previous update, BTC went to as high as $8500, current bullish momentum is very high.

Right now after the huge run from $6300 to $8500, our team believes we are overdue for a retracement. BTC had a pullback to $8073 and bounced back a little. We have monitored the orderbooks on bitfinex exchange and noticed that many whales are putting their bids in the area of 7800-8000 USD. This indicates a very strong support just around the 0.236 fib level. If bitcoin manages to hold these levels, we are aiming at another leg up, possibly slicing through resistance of $8400 and targeting the $9000 region. We find this scenario likely to happen.

Another possibility is for an ABC correction to be in play, which means we could spike to $8350 now and then Bitcoin falls to previous support found around the $7750 mark. If we hit this point our team will be opening new positions on BTC with small leverage.