Market Overview Week #29 (2023): Analysis and Insights
For the past 10 days, $BTC has been moving sideways, while during this time, #altcoins have benefited significantly, experiencing pumps across the board.
As of now, July continues to be a "promising month" as anticipated in my initial analysis at the beginning of the month.
However, all good times must come to an end. Looking at the current market structure, the cluster of candles and the present volume indicate that profit-taking has already been substantial. It's important to be cautious as we approach the end of July and the beginning of August (this week).
Currently, the $BTC structure is caught between two strong key levels, causing the price to fluctuate until one of the levels is breached. Once this happens, the price structure will change. Specifically:
Current resistance zone: 30,374 - 30,470
Immediate support zone: 28,924 - 29,443
Breaking either of these zones will trigger a price movement of at least 3000 points.
However, if $BTC touches 28,924 (the last defense line), I expect a strong bounce.
This is the strongest support zone of this quarter and month.
If this zone is breached, everyone should understand the potential consequences.
Jul 24, 2023