Down we go BTC

24 Jul 2023

Hey there Sublime Traders family,

Last week's analysis was a warning about the price action that was really light and undecided nearing key resistance levels. We have since opened SHORT on BTCUSDT and the trade is still going.
The pattern was clear enough but the fact that it wasn't accompanied by volume made us go in with low risk.
The projection for the SHORT targets still hold and we will be taking our 3rd take profit on BTC soon IF we pick up some volume before the US announcements.


BTC daily outlook

The daily BTC chart is looking grim with the price action just forming a resistance block in the 29-30k area, adding to the psychological level weight.
According to our the projection (and the 0.33-0.66 relationship we talk about), IF we do close this day under $29.524 (and we have a lot of chances to), we will head straight to the $27.182 which is a confluence zone between the 0.66 and 200 MA daily.

MID term stance: 🔴BEARISH🔴

Additional notes:
-A Daily timeframe short signal has been posted by our algo(in two years it has only been wrong once)