- The weakness in Bitcoin futures continues 10k could act like resistance.
- Volume is slightly thin in the EU session, lets hope it picks up.
- As we head into the US and Asian session 9091 will be in focus.
The August futures contract expires tomorrow and ahead of the date markets have seen some serious weakness.
Today the momentum of the sell-off seems to have slowed down. The next support is 9091 and it was used as a pretty big support level on 17th July. Below that 8349 is the next major support of note.
On the upside, 10k could be used as resistance after breaking down yesterday. After flirting with the 10k level for many days it seems to be a magnet for price.
The RSI is still not yet in the oversold area so there could be some more space for a move lower.
Price is now in a pattern of lower lows and lower highs and it seems on the lower timeframes after a little retracement higher we could be in for some bearishness.
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