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The bear market is very strong this week but today the market is surprising the traders with the Bullish engulfing. At the time of writing, Bitcoin is trading at 32,300.
We have to be careful because it may a false signal. I think this is one of the reasons why BTC jumped on Wednesday, July 14th, 2021: Visa to approve Bitcoin Spending card for Australian Startup crypto speed. It's good news that prepares the next bull run. normally, the market plunge continues its downfall to get the dip momentum next week.
If Bitcoin sits above 30k- 31k, the next bull cycle should surpass the strong resistance to continue the bull cycle for this year. However, the death-cross is very strong to push it down. On Wednesday BTC plunged 3% around from 34k high to 31,6k. We need the correction to allow us to buy the dip and collect more Satoshi. If 31k and 30k support levels will be broken it will retest 28k dip. In case 28k will be broken too then it will flip down at 25k sideway.
As for me, red and green colors are my friends. I buy the dip when it is red at the bottom and take profit when it is green. Only invest what you can afford to lose and be careful with leverage on cross-margin trading and futures.
Disclaimer: The article is an education and respect human being decision-making in any investment.
Happy trade everyone
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