On a short-term daily candlestick chart with a simple Fibonacci retracement spanning from $24,750 up to $31,862, we can see that the 38% retracement level at $29,145 has been acting as support for the entire last week and the start of this one. This also matches up to the 50-day moving average and the top of our Ichimoku cloud.

BTC is at a precarious price precipice, traders who are tolerant to slightly riskier swing trading should do as follows.

Short-term Forecast

After the CPI data came out showing lower than expected inflation numbers one would assume that a bounce in Bitcoin was warranted. However, unlike other assets like the like gold and silver as well as markets such as the Nasdaq 100, Bitcoin did not join in the widespread market bump.

Utilizing the most popular kind of Japanese chart, the candlestick chart we can gather different findings when using different times scales.

For hybrid traders like myself, technical aspects of a market are every bit as important as a fundamental development, just not in the same way. Fundamentals are the drivers that will persuade investors to act and shift market sentiment, and a market’s technical indicators help predict where that sentiment will ultimately take the price also where it may stall or pivot (reverse).

Bitcoin (BTC) made respectable gains today against the US dollar, trading up 1.63% as of 6:45 PM Eastern Standard Time (7/3/2023), or just about $500 on the day. While this increase is a rather modest one for BTC the high of the day is a price that has not been seen in over one year (June 7, 2022). On top of that, it managed to close near the highs currently at $31,122.

EDX Markets is a new centralized exchange that was launched on June 20th and is backed by some of the biggest names in Wallstreet. Citadel Securities, Fidelity Investments, Charles Schwab, Paradigm, Sequoia Capital, and Virtu Financial make up the founding investors with other huge names joining in as additional strategic investors.

My current wave count in Bitcoin puts BTC in its 5th wave of our bullish impulse count. But let us go back to the beginning of this current bullish wave count to paint a more complete picture.

Here are some basic guidelines on how to check if your count makes sense, these are by no means strict guidelines but rather approximations.