As USDT pairs move with BTC, currently BTC tested the 0.38 retrace level and likely to use it as alternated support for a bullish continuation before the month closes out. Now looking at NEO which is a better pick to be on during BTC rallys due to the larger volatility - thus % gain, we can see the last pull back was a 0.38 retrace of the former markdown to $9.75, this is now sitting on the 0.618 retrace level which is ideal for an Elliot wave 2 criteria. Expecting to see a short-term pivot up to $14 where it will again retest the 0.38 retrace of the larger macro wave, this level also has confluence with the 0.618 fib extension if we see a bounce here. $14 is the first target, and if we see a break out above this and the bearish trendline, next target will be $18 at the 1.618 fib extension (also showing confluence with the initially supply of the larger macro wave).
On the Weekly charts, BTC does look like it will have a bearish run during August and possible September as it moves towards $7,500 area. But prior to this we are likely to see a pullback now to trap bulls in as the bear market resumes towards the end of this month. Great entry here around the $11 range with a tight stoploss.
On the Weekly charts, BTC does look like it will have a bearish run during August and possible September as it moves towards $7,500 area. But prior to this we are likely to see a pullback now to trap bulls in as the bear market resumes towards the end of this month. Great entry here around the $11 range with a tight stoploss.