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Blocksmith Says: Stay on Sidelines as BTC Looks to Dip Under 2021’s Low

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The 20 July 2021 big low of US$29,307 was almost tested today as the session low so far is US$29,764.  Although the current candle has a potential reversal feel to it at these levels, I think there’s probably too much selling pressure for it to remain intact for long.

The preferred course of action is to sit out the decline and understand that there are likely to be sharp countertend rallies along the way. Until I see a viable base in for example S&P 500 Index futures and US 10-year yields start to turn lower, then Bitcoin and Ethereum will remain under pressure.