BTCUSD (4H) searches for a lifeline

Despite last week’s flash drop to a 21-month low of 58,093, BTCUSD managed to hold above June’s floor at 59,100, just as it is about to complete a devastating month with losses of nearly 20%.
XM Group | 73 days ago

Overview: While the broader market structure remains far from bullish, the pair could attempt a recovery from the neutral triangle, as the latest doji candlesticks suggest that selling pressure is beginning to ease.

Momentum: A double bottom in the stochastic oscillator and the RSI’s positive slope point to improving sentiment.

Bullish scenario: A decisive close above the 23.6% Fibonacci of 60,260 could pave the way toward the 38.2% Fibo near 61,700. Additional gains could then target the 63,000 barrier.

Risk: A close below 59,100 could bring the bears back into play.

XM Group
Type: Market Maker
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