#BTCUPDATE - 13.7.21
FAKEOUT CITY
BTC is throwing a lot of fakeouts now which is a big sign of manipulation or stop-loss hunting - it makes for a really horrible market to be trying to achieve very short term trades in.
We broke out of trendline resistance and comfortably above 34k before a hard rejection through 2 support trendlines and 2 price supports trading under 33k for a short while and now back above 33k. BTC was heavily oversold and hit key support for a small bounce. Regaining 33k is very promising and we can see a push to 34k again in the short-term to continue to the ver tip of this consolidation triangle.
This has to be one of the tightest and continued BTC consolidations I have seen for a long time - the breakout is going to be huge when it happens.
Long term we should still see a strong bullish breakout though again leaning on the current metrics and stable coin ratios on exchanges rn.
Short-term plan is to target 34k, break below £32.6k then short to
31K with stretch to 29k.
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