Bear trap on bitcoin (BTC)?

Bear trap on bitcoin (BTC)?

The middle of this week is quite triumphant for bitcoin. Aided by a decline in the dollar, our assets have recovered more than 10% since Monday and more than 25% since. bottom. Even better, Ethereum (ETH) is outperforming bitcoin by more than 70% from the lows. The $20,000 area is still preserved and appears to be holding. The case pop up for the month of July is valid. Be careful not to get euphoric too quickly, the trend is still bearish. the bottom was he hit? Without further ado, we’re off to this week’s 360° bitcoin tip. I will try to be as complete as possible when sharing my feelings about the deal. Good read!

Possible case of a bear trap

Bitcoin seems to be breaking the range it has been stuck in for several weeks. This was the inevitable result of a bullish mood with many investors. This state of mind is exactly what it is whales hope. The renewed euphoria, in a snap of the fingers, can disappear in favor of the sellers.


Take a lot of money at the top of the range to “fake” the way out of the zone and continue the long-term downturn. This situation is very common in the crypto landscape and may happen again.

A dollar that lets cryptos breathe

In the previous article, I looked at the dollar, which may show the first signs of short-term weakness:


Of the break out which have more trouble and more, strong variations on the RSI. This small drop is visible, and may leave a boulevard for the assets risk off therefore dangerous.

bitcoin analysis

Be careful, the trend is still extremely bullish of course in the medium term, but bearish engulfing here could be a first sign of weakness.

For simplicity:

  • DXY rising = risky assets falling like bitcoin
  • DXY falling = rising risky assets like bitcoin

Expected results for Apple

The US market dominates other markets, so it is vital to keep an eye on it. Among the companies leading it, we have Apple. The company is expected to report its third-quarter fiscal results when it reports on July 28, but all eyes are on a big part of the company’s life, namely the iPhone 14, which is gearing up for a fall launch, Wedbush said. Securities Tuesday. .

Analyst Dan Ives said that demand for the iPhone “it is a little better than expected but that there will always be some weakness, even if Wall Street expects it.

Ives also noted that Apple (AAPL) likely gained about 3% of the smartphone market in China over the past 12 months, thanks to the iPhone 12 and iPhone 13 product cycles.

Analyst consensus expects Cupertino, California-based to earn $1.15 a share on revenue of $82.77 billion for the period.

Apple continues to focus on a strong pipeline of products and services in 2023, including what we believe will be the launch of the highly anticipated AR/VR headset.,” Ives wrote in a note to clients.

It is always worth remembering that the American giant intends to delay hiring in some parts of the company as the economy seems to be slowing down towards the rest of the year and 2023.

That’s it for today’s article. I tried to cover as many points as possible and do more on the traditional market leading cryptos. talk about italtcoinshere that makes much less sense than macro analysis.

Finally, I get numerous questions asked on the site where I analyze my values. Personally, and for many years, I use TradingView, an intuitive interface with many tools and a wide selection of assets. It is clearly the most advanced and widely used interface on the market.

This is the end of this analysis, feel free to give me feedback on my Twitter account @0xakin. Don’t be too fat, take profits regularly, be successfulmoney managementfor your trades and depending on your initial plan. Only invest what you can afford to lose as long as it doesn’t affect your morale too much. Have a great week everyone, and I’ll see you next week for a new analysis!

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Akin avatar


I am passionate about technical analysis and technology, I have been enthusiastically following cryptocurrencies since 2017. Apart from trading and investing, I want to democratize, in my own way, the ecosystem that will undoubtedly change our habits tomorrow!

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