July 27 #Bitcoin: $BTC rejected at $40800, 100 day MA and resistance at rectangle pattern. BTC price pull back just after release of Tesla Financial statement and confirmation from Amazon that they will not accept bitcoin this year.
This is how market play with emotions.
First Tesla not bought any bitcoinin Q2, bt they also not sell any bitcoin despite of too many fud created by Elon Musk.
2nd Amazon rumor was only rumor, max trader n investor knew that it was not confirmed.
This is why we deny for fresh entry in FOMO, no matter how market look good.
In Chart BTC have good support at $36500 base on trend line and 2nd support at 50 day moving average near $34400. Bulls will not loose command easily and try to hold price above 50 day moving average. BTC entered in new range 35k to 40k. We can expect high volatility as monthly expiry in 2 days on July 30.
There is no fud as of now and high chance btc will revisit 40k again with volatility.
Make things simple instead of panic:
Trader: Trade between lines
