Total capitalisation has fallen for 7.3% which is pretty large amount even for our crypto market. Bears have already tried to break the support line 7850-7790$ two times: 27th and 30th of July, but they didn't succeed. However, yesterday they did it, and we fell from 8200$ to 6600$.
Support lines: 7500$ - 7400$ - 7200$ - 7000$ - 6850$
Resistance lines: 7680$ - 7810$ - 7880$ - 8300$ - 8500$
Bears' goal now: break through the well-traded support zone 7530$ - 7200$ and if they would be succeeded - we have all chances to fall further to the support line located at 7000$ - 6840$.
Bulls' goal now: break through the resistance line at ±7650$ and if they would be succeeded - break through the ±7800$. After breaking this level, we can consider further upwards movements.
What are the chances?...
Bears: At 7500$ - 7440$ we have solid support which is provided with profile volumes. Next support zone is 7200$. Below are located levels 7000$ - 6850$, at these levels also will be located Fibo levels 0.5 & 0.61. This support we won't be able to break easily, as many people will buy BTC at these levels.
Bulls: RSI convergence b-class; Stoch. RSI is oversold and, as well, we are touching support of correction wave near 8500$-750.
Due to RSI we should see some growing up to 7800$ - 7850$ soon. However, we won't be able to break the resistance line successfully which will cause the dump to the first support level at 7400$ - 7500$. There is a very high chance to break through this support and fall to 7200$. And after we touch this support, BTC will consolidate for the further pump.
Thanks
Follow For Stay Tuned
