BTC - Short-term Neutral, slightly bearish

1 ago

BTC - as of 4:39 PM MST 8/1/24, BTC is currently neutral. We held at the 50 DMA, hit some selling down to my previous target of 63k to 64k, I expect with fear and greed neutral that BTC tomorrow could easily go either way. Based on the time BTC spent on the upper part of the long-term sideways channel, we could easily see BTC test the 100 or 200 DMA. That doesn't mean it will go straight down, we might see some buyers Friday through Sunday but I expect any bullishness in the short-term will be short-lived without a catalyzing event or a positive news cycle. A break below the 200DMA could see BTC test the lower bounds of the sideways channel (50k - 52K).

Will need to keep an eye on the weekly close and RSI to indicate if we flip bullish again.