After my previous update this market has rallied to this month at around 100$. I thought in my last update that the first level to test was 81$ instead BTC/USD reacted and slowly rised up to ~100$, thus i’ve to conclude that it might move a bit higher over the coming weeks with 120$ as a possible target. In addition, prices are holding above the short term VWAP and at least in the short term the situation remains bullish despite the bearish bias of my last update.

Long Term View

Long Term situation is interesting with BTC/USD standing around the long term VWAP at 99-100$. Aniway as long as bitcoin stays at or under 100$ i prefer to don’t open a long trade although the weekly moving average is trying to reverse to the upside giving the possibility to see a long term intermediate top at 115-120$. At the same time the bearish scenario for August is not yet excluded and a violation of the 80$ short term support could mean lower prices. So, for the time being i’ve decided to stay out from this market till i see a more clear sign of bullish activity.