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Bitcoin About To Hit Major Support. How To Trade This

7/20/2021

Bitcoin has been under severe selling pressure since May of this year which has sent price back down below February levels at $29,000s. Bitcoin is already down over 6% on the week at the time of writing this. Meanwhile, crypto exchanges are getting lots of attention as COT reports an increase in long positions on bitcoin futures contracts.

Our outlook

While price keeps tumbling week after week, big money continues to load up on bitcoin. China's crackdown takes a toll in the short term but is also good news going forward that now the majority of crypto mining won't be centralized in China. I think Bitcoin still has room to fall, but price is coming to key support which I think has a good chance of holding.

Trade Setups

BTCUSD

This long term support zone has trapped bitcoin for two months, but also has served as major padding to keep price from shooting underneath. $28,584 is roughly the bottom here, so if bitcoin hits this level, it has the chance to bounce with hard rejection from the lows like it's done several times before on the 1D chart. However, a break below could send price down to $24,400s.

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