Forflies Crypto

Bitcoin’s Seven Week High

On the 23rd of July I mentioned that BTC may soon see the 10,000 dollars level – and today it did. After today’s pump up to 10,250 dollars, Bitcoin is trading right at the upper trend line of an ascending triangle on the daily. This move up looks quite sustainable as it confirmed several levels as support on its way up and even saw a slight increase in volume.

However, while this certainly sounds good, there’s a problem: The CME market is currently closed. With Bitcoin trading around 9,900 dollars at the moment, we might see a gap between 9,615 dollars where CME trading stopped on Friday, and BTC’s current price. This gap could act as a magnet and pull the BTC price right back down – but if anything, this is just a trading opportunity. Laddering longs around the 9,600 dollars level, where BTC also has decent horizontal support and a green ichimoku cloud on the hourly, could work out well.

The market seems to be back to the classic “BTC pumps, alts dump” scenario. This is very well seen on the TRX/BTC chart as Tron saw a massive dump right when BTC pumped – and that’s great to see because it opens up even more trading opportunities. VIPs will receive my weekly insights on the most important altcoins tomorrow morning as usual.