Leading crypto asset bitcoin Price performance has weakened in recent days, according to the latest data, with BTC/USD reaching $28,850 on July 24.
Despite a short recovery, market participants are the biggest cryptocurrency He is unconvinced that his unit has seen the worst of its losses.
For popular trader Crypto Ed, it’s totally expected for BTC to drop to its lowest level since June 21.
Now, he believes there should be a final break in buying liquidity, carrying BTC/USD to around $28,500. A relief bounce could come first to $29,400.
“If we make such a move, then I’m looking for more downside and possibly $28,500-$400, more or less a setup,” he said in his latest YouTube video.
Crypto Ed showed an additional target box covering prices as low as $27,800. However, he acknowledged that he is not convinced that BTC will achieve this.
According to fellow trader Crypto Chase, the downside could take Bitcoin to $27,000 before last-minute long entries are properly burned.
In early July, Chase predicted that while BTC/USD was moving down, speculators should bid at key price points such as $29,200, $28,500 and $28,000.
I think you could be right. It does feel like if we do breakdown from this range, 28.5 probably won’t hold
But its a little early for me to make a prediction on that, I’d rather just wait and see the reaction at certain levels.
— TraderKoz (@TraderKoz) July 16, 2023
These are still mostly my thoughts. I can no longer short-circuit as strong R/R opportunities are left behind and good entries aren’t being offered according to my strategies,” he informed his Twitter followers.
However, the bait is already turning into giga bears, I still plan to bid the low 27s for a strong bounce and see where it takes us.
An attached chart shows the corresponding Fibonacci retracement levels for the daily chart.
Moving Averages Still To Be Retested
Ahead of a series of macro events in the US, various traders are staying away from BTC until a more prominent trend emerges.
However, the various moving averages of $27,130 and $28,200 for the 200-week and 21-week respectively remain as important lines.
We’re not convinced we’ve found strong support yet, but the 21-Week MA looks like it could provide a stronger foundation. We need to let things develop a little for clarity.
