⚠️ ETH/BTC is breaking down the Multi Year Support & this weekly close can be the lowest since March of 2017.

Also pay attention to that fractal marked with red & green arrows.

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https://www.tradingview.com/chart/ETHBTC/Ff2OBCec-ETH-BTC-Looks-Horrendous/

​#BTC: No trade zone 11k-12k.

Breaking down the 11k has high chances to set us off on a huge downtrend towards 9k area. The only level where it can bounce before 9k is EMA200 on 4h timeframe.

❗️This week is coming to an end and as of right now it doesn't look good because of multiple long upper wicks. Closing the weekly above 12k is bullish.

#BTC 4h update

👉Look how beautifully EMA200 is holding the price once again. Yesterday we mentioned that once we go below 11k, target is 9k zone but the only if is EMA200. Watch if it bounces the price or not. If it does, we can make it back to the breakdown level (11k).

The way it looks like right now is slightly bullish, because we had a significant fall and right now working on a reversal candle at resistance.

So, EMA200 didn't hold the price and we dipped to 9850 pretty quickly.

Pay attention to the descending channel. If we break out of it to the upside, the area of the breakdown at 11k should be tested. Also don't forget about open gan on the CME Futures (11-11.5k).

9k area target

BTC 4h update

So like we expected, BTC touched the breakdown level of 11k. There we got rejected and now are heading towards our 9k target.

BTC 4h update

🎯 Our initial target of 9k reached and look where we bounced - at the support of the channel! Pay attention to how this descending channel has been working perfectly. Just amazing. So, keep an eye on the channel resistance when we get there. It might reject the price again.

⚠️ One more thing to watch here is the upcoming death cross between 50EMA & 200EMA.

Parabolic Growth is Always a Concern. Especially in Bitcoin!

👇This is definitely something to be aware of

https://www.tradingview.com/chart/BLX/si1CtvJb-Parabolic-Growth-is-Always-a-Concern-Especially-in-Bitcoin/

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📰🇨🇳 Bitcoin status is “legal” in China: Hangzhou court approves BTC ownership.

Chinese court upholds Bitcoin’s status as “virtual property.” The ruling reaffirms that Bitcoin is legal to own in China and indicates to holders that they will be protected by the country’s legal system in disputes.

​Bitcoin is in the stealth phase of its bull run. Usually public interest do not pick up until the previous all-time high has been smashed.

🎯So, we are going to have a “boring” period until reaching 20k.

​#BTC: There’s something to watch on the 4h

Look at how BTC is shy of getting a death cross between 50 EMA & 200 EMA. If the 4h fails to get a death cross, that will be a pretty bullish sign.

BTC is slightly bullish short term as long as the price stays above the 200 EMA on a closing basis.

👉Once it breaks down, we will accelerate to the downside and finally get the death cross.

​⌛️The week is coming to an end & if the candle closes the way it looks like right now, technically it’s bullish because we are staying above the 7-Week MA & the trendline with a pretty long wick below it.

This weekly close is definitely something to keep an eye on!

Long awaited Bakkt official launch is very close. But is it really so?

Bakkt is going to launch a testing phase of its Bitcoin futures trading services tomorrow, July 22nd. Key word is 'testing phase', which means that this is not going to be a full launch and investors are going to be testing the new services.

⚠️ Bakkt’s full launch is expected only after the platform beta testing. In fact, tomorrow's event is not such a big deal.

So, is this a sell the news case?

​The weekly closed above the 7-Week MA & the trend line, so technically it's a bullish sign.

⚠️But here is the thing: to keep the bullish bias we really need to accelerate to the upside and get this weekly close above 10950, because that ascending trend line is very steep. Otherwise the trend line will be violated, leading to more downside. (However, non-logarithmic chart has way more room for the price to go)
📍Important level is 0.5 Fib - weekly high on the closing bases.

Take a look at that crazy wicks to the upside & downside! And on lower timeframes the price action does not look natural at all.

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​💡The current run up is not imitating the last cycle (high of $1150 in late 2013 - the low low of $165 in 2015 - the new high of 20k in 2017), which everyone tends to compare to.  
   
👉The current bull run feels more like 2012 - early 2013 bull run.

Look at the 2012 BTC action. We started with a very compressed accumulation band and then we drove the price sharply up unlike the really long period of accumulation that happened in 2015.

If the structure of this bull market is going to resemble 2012-2013, the first take to the 2019-2021 bull market is completed and the second act is supposed to start in the Q4 (October-December). 
 

​⚠️ CME BTC Futures expire today at 3 pm UTC time and settle on July 29th. May a major correction follow soon?

Also keep in mind that there are still two unfilled gaps: mid 11k range & mid 8k range.