Bitcoin USD - Morning Update - Aug 3, 2017: BTC Point of Control @ 2705

in #bitcoin3 years ago

I have been a bit away from trading this past week, work commitment is taking up most of my time. Did watch the nothing burger aftermath of the recent fork, it was a snoozer to say the least. No momentum, everyone is still waiting for a clear market direction. There was movement with Bitcoin Cash (BCH) at the beginning, just put in a trading range but consolidating as well.

Looking at the BTCUSD daily chart, Volume Point of Control (VPOC) is at 2705. From the technical side, imho it is holding quite well but meeting strong resistance at the upper resistance line (blue). This is the major hurdle to overcome, price needs to break above & hold in order to see higher prices. So far there has been quite a few attempts, I am personally watching it since it may help fuel a rally for the altcoins, which is what I usually trade.

Around 2600 is the area for the bulls to defend. I've called it Support S0 and it is where it may kickstart the next move. I do not see enough momentum from where we are now, it is just consolidating but it needs fresh money & volume. Below is 2350 & 2200 area.

I will provide further updates as things develop. So far we need more clues in order to piece together a new trading plan. Briefly scanning altcoins, I see IOTA USD making a move & there's a potential for more upside. I will have a look at it and provide a separate analysis.

Comments are welcomed, let me know if you have a different point of view and if you have another coin you are interested in trading.

Happy Thursday!

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