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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Bitcoin has been forming a Lower High since the last previous high around $122,500, thereby invalidating each pump attempt.
What does this mean?
It means that Bitcoin will remain bearish as long as it stays below the upper trendline, where it consistently reverses after each rally.
What should we look out for today?
Today being Friday and the 1st day of August, we are now faced with a new Monthly Candle Open and the Non-Farm Payroll (NFP) data release, which could reshape the market if it delivers a strong economic impact.
Key Areas to Watch:
•First, a breakout above the descending trendline of lower highs would flip Bitcoin’s structure bullish again.
•Secondly, if the market continues to reject from the trendline, $BTC could drop to the first demand zone at $112,113.8 to $110,402.4, or further down to the second key support at $106,253 to $105,151, if the upper range fails to hold.
Let’s see how the market unfolds.
Enjoy your weekend.
#BTC # Bitcoin