Regretfully, just as other crypto currencies BTC was subject to the overwhelming correction. At one moment, BTC experienced harsh fall with a clear support zone of $1,800 — $1,900. However, trading volumes were insufficiently high to settle, suggesting a fast rebound, which effectively took place.
The following situation (technical analysis):
1.Global support zone of $1,850
2.Currently, the resistance zone of $2,300 is being retested
3.Provided the price settles down above 2300, it will imply an alteration in the local downtrend observed in the last 10 days
4.Volatility level is anticipated to remain high
The more we are closer to August, the more volatility will be observed. The current analysis is urgent for the present day only, no more, no less. The news might come out and affect the sentiment of the market participants in the blink of an eye.
To recapitulate, the scenarios suggesting BTC testing $1,850 zone again and then retreating to $2,300 are plausible. Nevertheless, shorting BTC after a good retest of $2,300 is extremely risky. Still, opening long positions with a short stop-loss is not a good idea either given the volatility levels currently observed at the trading pair.
At the current market, the best idea is to buy drawdowns and trading market’s FUD. However, potential stop-orders should be long enough.
The market in July — August will inevitably be affected by SegWit. Will it be implemented or not? Will there be a hardfork? SegWit is a buzzword in the world of cryptocurrencies in August.
Regarding, SegWit perspectives, the following situation is observed
The miners are massively signaling their support of SegWit. The closer we get to August, the more the support of miners and possible changes in these figures will effectively govern the price of BTC. To get a more profound grasp on the situation, it is advisable to look at LTC prices and news when SegWit was implemented. Perhaps, it will allow to unearth some insights that might be reflected on the current BTC infrastructure.