A new continuous range, again and again, summer is very tedious as usual due to its lack of volume! The week starts in the middle of the range, where it’s often difficult to get a foothold!
Warning This article does not constitute investment advice or an invitation to invest. It is for information purposes only. You are the only one responsible for your trading and investment decisions.
Don’t forget, too, that when it comes to trading, it’s essential to at least secure your winnings in a cold wallet. For an easy-to-use cold wallet, we refer you to D’Cent, whom we’ve already introduced to you. We’d like to thank them for sponsoring this column.
We got the $30,000!
In the article last week, we were aiming for $30,000 and… Victory! Even though it was relatively quick, the more experienced traders among you will have seen some exits from this boring range for investors.
The middle of the range is always the worst place. In general, traders are advised to do nothing, as volume is illogical: it can be resistant as support. On the other hand, an important piece of information is that a rejection at the top of the range generally sends you back to the bottom of the range. This would give a target below $29,000.
Is this a realistic target despite the fuse we had at Monday’s opening? Let’s find out.
Taking the bull by the horns
What if it was finally time to push? One last push to liquidate shorts before the end of the summer?
$44,000! I’m kidding and personally I don’t believe it at all. At least not until next year. As far as I’m concerned, the liquidity to be sought is the logical liquidity, the kind that builds up above high points.
If you look back a while ago, sellers stopped liquidating, while buyers did. Except that to go down, you need buyers to liquidate. It would therefore seem that the easy route is to the north-east of the liquid zone that now extends to $30,500. Can we confirm this hypothesis with orderflow?
On the Bitcoin side, it’s clear that the long ratio has returned to its highs, which are generally local bottoms. As for altcoins, there’s a craze for both buying and selling them. It’s hard to say which side is more present, even if negative funding attacks show that there are still plenty of sellers, and that’s important for going up!
Conclusion
It would therefore seem that the path chosen this week is once again bullish! So we’ll have to be careful for traders, and keep sipping the mojito for investors. The clear target for the week is the liquidity zone just below $30,500.
By the way, investor and trader friends, while you’re on vacation, I hope you’ve secured your cryptocurrencies by hiding your private keys properly and, above all, by using a cold wallet like the one from our partner D’Cent. If not, things are going to get ugly! I wish you all a pleasant week, whether you’re on holiday or working!
Next week, I’ll be away, so there won’t be any TA of the week, but I’m still preparing a little long-term analysis on Ethereum so you don’t get lost!
Entrepreneur & Dad, passionate about cryptocurrencies, I describe for you the technical analysis. Cofounder of Cryptocademia, a free platform to learn all you want/can about blockchain ! Meet you there at https://www.cryptocademia.com
My job: look at charts and interpret them for you.
Beware, I do not know all the truths.
