135
Technical Analysis
Bitcoins opens at $30K and goes up to around $29K and stable around $30K ~ $31K. The average transaction fee is $2.26 which is 13.41% decrease from 07-20-21. As I mentioned yesterday, Bitcoin drops around $28K since All Time High has reached at $64K. My calculation on its value is $65K at some point which indicates that Bitcoin may continue correction in coming week with its strong support at $28K. You can reference my method here.
We are dipping into the crypto winter which the price is staggering at the zone that it cannot get as high as you want and as low as you want. Partially because of global crack down on Bitcoin mining and crypto exchange platform with more regulations and global CBDCs pilot program that compete with cryptos.
I stay my floor price to $28K indicates the strong support and remain the ceiling price at $35K.
Bitcoin volatility is moving more volatile in yesterday. The market has reacted peak value at $35K but retreated to $28K which means the Bitcoin price is weak at the support and it make continue correction in near term. Tailwind is too long and price action is weak.
The Bitcoin mining power is lacking for short term. Bitcoin in short term will have weakening price actions. We are at the confusion stage which Bitcoin price may not go as low as you hope and as high as you want. It is a trap zone now again and again.
Bitcoin decreases its correlation for GOLD that it becomes a neutral position???. The price may fluctuate more in the coming day since Bitcoin VIX is picking up all over the cryptomarket. There may have high risks in the coming day as the greed level goes down at COVID-19 level! The market has fear that does not easily ease off due to many issues emerging particularly government regulations. On the upside, Bitcoin may get another system upgrade in the near future. The coming market will be rough and we will see how it plays out.
Bitcoin Value = $28k ~ $35k and my position is Long.
Here are some highlights to support my analysis:
Current News Summary:
Most Bullish News ??
Tech giants race into cryptos
It indicates that Bitcoin may expend with more users.
Most Bearish News ??
SEC looks into DeFi swaps regulations
It indicates that Bitcoin may face correction due to regulation concerns.
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Also, if you have any suggestions, please do not hesitate to let me know!
Thanks for reading and see you tomorrow!
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You can reference my previous monthly Bitcoin and Ethereum analysis here ????:
Note:some links refer at the beginning of next month that include all previous month links of reports
???? January 2021 Technical Analysis Summary ????
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???? March 2021 Technical Analysis Summary ????
???? April 2021 Technical Analysis Summary ????
???? May 2021 Technical Analysis Summary ????
???? June 2021 Technical Analysis Summary ????
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You can reference my previous daily Bitcoin analysis here ????:
Bitcoin Technical Analysis 06-30-21??
Bitcoin Technical Analysis 07-01-21??
Bitcoin Technical Analysis 07-02-21??
Bitcoin Technical Analysis 07-03-21??
Bitcoin Technical Analysis 07-04-21??
Bitcoin Technical Analysis 07-05-21??
Bitcoin Technical Analysis 07-06-21??
Bitcoin Technical Analysis 07-07-21??
Bitcoin Technical Analysis 07-08-21??
Bitcoin Technical Analysis 07-09-21??
Bitcoin Technical Analysis 07-10-21??
Bitcoin Technical Analysis 07-11-21??
Bitcoin Technical Analysis 07-12-21??
Bitcoin Technical Analysis 07-13-21??
Bitcoin Technical Analysis 07-14-21??
Bitcoin Technical Analysis 07-15-21??
Bitcoin Technical Analysis 07-16-21??
Bitcoin Technical Analysis 07-17-21??
Bitcoin Technical Analysis 07-18-21??
Bitcoin Technical Analysis 07-19-21??
Bitcoin Technical Analysis 07-20-21??
You can reference my Bitcoin methodology here and here.
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You can reference my previous daily Ethereum analysis here ????:
Ethereum Technical Analysis 06-30-21??
Ethereum Technical Analysis 07-01-21??
Ethereum Technical Analysis 07-02-21??
Ethereum Technical Analysis 07-03-21??
Ethereum Technical Analysis 07-04-21??
Ethereum Technical Analysis 07-05-21??
Ethereum Technical Analysis 07-06-21??
Ethereum Technical Analysis 07-07-21??
Ethereum Technical Analysis 07-08-21??
Ethereum Technical Analysis 07-09-21??
Ethereum Technical Analysis 07-10-21??
Ethereum Technical Analysis 07-11-21??
Ethereum Technical Analysis 07-12-21??
Ethereum Technical Analysis 07-13-21??
Ethereum Technical Analysis 07-14-21??
Ethereum Technical Analysis 07-15-21??
Ethereum Technical Analysis 07-16-21??
Ethereum Technical Analysis 07-17-21??
Ethereum Technical Analysis 07-18-21??
Ethereum Technical Analysis 07-19-21??
Ethereum Technical Analysis 07-20-21??
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You can reference my previous daily Dogecoin analysis here ????:
Doge Analysis 01-11-21??
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You can reference my previous weekly Cryptomarket forecast analysis here ????:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21????
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21????
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21????
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21????
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21????
Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21????
Crytomarket Weekly Overview and Forecast 03-05-21 to 03-12-21????
Crytomarket Weekly Overview and Forecast 03-12-21 to 03-19-21????
Crytomarket Weekly Overview and Forecast 03-19-21 to 03-26-21????
Crytomarket Weekly Overview and Forecast 03-26-21 to 04-02-21????
Crytomarket Weekly Overview and Forecast 04-02-21 to 04-09-21????
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Check out my Ah moment here ????:
??Ah moment 05-31-21??
??Ah moment 06-02-21??
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Risk forecast guideline:
Risk Averse means you can use as defense ???
Risk Seeking means you can use as offense ??
Risk Neutral means no decision made and continue seeking opportunities ???
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
