Bitcoin broke 29500 support!!

24 Jul 2023

Hi guys, let's review the current situation on Bitcoin.

Bitcoin just broke 29500 support line and tested 29k. As I posted in my previous idea we can now expect price drop up to 28300-28000 support area. At this point it's highly unlikely that BTC will go to test 31k resistance and more likely that it will drop at least up to 28k.
Bitcoin price stayed above 29500 for over a month and didn't manage to go higher. It's normal that now it will go down.
My first target is 28300-28000 support area but we all know how fast Bitcoin can drop.
There is small possability that it can be fake breakout but I don't think that that's the case.

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Many thanks.

26 Jul 2023

Catatan

After breaking 29500 support Bitcoin price didn't change much. It's trading in very narrow price range. Probably Bitcoin is waiting FOMC rate decision later today. Around that time there might be increase in volatility. Otherwise idea remains the same. Still expecting price drop at least up to 28k.

28 Jul 2023

Catatan

As expected there was some volatility on FOMC rate decision expectation. Price tested 29600 resistance but couldn't hold there. Otherwise idea is unchanged.