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10x Research: Bitcoin to Provide Better Risk-Reward Entry Point if Pullback Reaches May High Support
BlockBeats News, July 28th, 10x Research Director Markus Thielen stated that for traders looking to join Bitcoin's upward trend, waiting for Bitcoin to retrace to the May high support level near $111,673 will provide a better risk-reward entry point.
In a report to clients, Thielen pointed out, "We would like to see Bitcoin retest its breakout level at $111,673 to provide a more favorable risk/reward entry point." He explained that the market often retests breakout points before a major bull run, so the possibility of a retracement to this level cannot be ruled out. Thielen further added that if a meaningful pullback does not occur, the optimal entry point would be above the $120,000 breakout, marking the breakout of the downtrend line from the July 14th and 23rd highs.
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