Bitcoin Short-Term (Retest of $22,400 To Move to $24,600)

Short-term, BTCUSD is completing a retrace as we are seeing a bounce right above the 0.5 Fib. retracement level for the bullish wave that started 30-June.

We charted something similar for Ethereum (ETHUSD).
See the 'Related Ideas" below...

Notice the blue trendline, it has been working perfectly as support on the way up.

The RSI went through a full reset...
It is recovering from "oversold".

Bitcoin is going to retest $22,400 as resistance to push higher and challenge $24,680 next.

This analysis is invalidated on a full candle close below $20500.

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Namaste.

Kommentera:

Going lower...

Additional support levels for potential bounce are mapped on the chart.
$20100 and $19455.

We stay bullish above these levels.

Kommentera:

Here is an updated version.

Please remember that trading has nothing to do with getting it right or wrong, nor any 50/50 about chart reading, trying is all about risk management, buying/selling and holding.

The charts are there just to assist us in our trading.
The charts can help us define the support and resistance levels.

Thanks a lot for your continued support.