Tuesday, July 5th, Bitcoin is trading at the 2017 ATH around 19,776.99, Over the last four weeks, Bitcoin has lost 37.46% and momentum is currently to the downside.
I prefer to trade with momentum and I am currently waiting for a break of the pullback structure. In the short term, we could see a bullish move to take out stops around 22k, but to get involved, we should see a break out of this consolidation for confirmation, and then look for more shorting opportunities from 22k.
There are two likely scenarios going forward:
Bullish: The price breaks above the trendline and closes above 2017 ATH and attempts to reach IB highs at 22k.
Bearish: In the absence of a new bullish move, price breaks below the pull back structure and trendline, staying below 2017 ATH and using it as resistance.
Therefore, I am patiently waiting for bitcoin to show its hand to determine my next move.
As always these are my personal market observations.