Do not sell sun in July
4 min read

Do not sell sun in July

B21 Crypto. We help you stomach cryptoassets.

Cryptic ball: that counter-trade was worth it.

Hello there! We're back from the long weekend and it's good to see the rest of you were long with us. The boring consolidation of June 22nd's bottom described last Wednesday continued as anticipated, despite more and more traders on Crypto Twitter feeling extremely bearish this Sunday, as renewed FUD hit the markets when BTC was at the key $35k profit taking level, depressing prices back to $30k one last time. But the bounce was strong and the rest of the week looks bullish.

Why? Zooming out to the weekly chart shared below, it's becoming more clear that bitcoin is only now now producing a double bottom, sitting right at the support provided by the 50-weeks moving average. One thing is clear, we can't break lower for more than a brief peek as this would likely undermine the reaction of the remaining bulls. But, so far, the signs are positive and longs can be opened with minimal risk, provided you are patient for a good entry and plan your stops

Chart art: time to pump.

Defending the 50-week moving average is a must for bulls.

Market musings: let's recover $40k again!

The summer has just started and the end of the month is near. In July we'll have Ethereum's London hard fork, an upgrade to the mother of alts widely explained in this newsletter before. In the past, we forecasted that such moment would be a buy the rumour, sell the news opportunity. But those news are way oversold now, so this is now a bullish narrative that further solidifies the double bottom scenario.

Still, remember the death cross is here and many people are shorting on that basis. Yes, we can have a golden cross (the inverse of the death cross) quite soon if the current support continues to hold. But it would be better to have a short squeeze this Wednesday to ensure a less gloomy monthly candle and excite those in the sidelines who are waiting to enter once the FOMO kicks in. Or, at least, finally get out of the current range so that BTC longs can safely move profits into alts.

Visual block: just a mid-cycle correction.

Click on the image to know more about this analysis by Dor Shahar.

Three things: "mediocrity is intelligence dedicated to self-preservation".

Tweet tip: double down on these tips.

Technical analysis for this summer.
Alex knows.
Seems like a reasonable scenario to us!

Meme moment: flipping cycle bias and burgers.

Again, funny because it's true.

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of guidance in the report will lead to any particular outcome or result.