Crypto Industry News:
The author of Rich Dad Poor Dad Robert Kiyosaki returns with warnings of market crashes. Rich Dad Poor Dad is a book from 1997, co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times bestseller list for over six years. Over 32 million copies of the book have been sold in over 51 languages in over 109 countries.
"All markets are collapsing: real estate, stocks, gold, silver, Bitcoin. The middle class wiped out by higher oil inflation," Kiyosaki said in a recent Twitter post.
Kiyosaki called on his 2 million Twitter followers not to be among those who would be wiped out, adding that it was time for them to "get rich". Last week, he explained that "It's not what's in your wallet ... but what's in your head," stressing, "Change what's in your head first ... then get richer."
Technical Market Outlook:
The BTC/USD pair has made another test of the level of $19,546 and it looks like a Double Bottom pattern of the H4 time frame chart. Only a clear and sustained breakout below this level might extend the drop towards the next target for bears that is seen at the level of $18,940 (technical support from July 13th) and $18,640 (technical support from July 1st).The momentum remains weak and negative, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice.
Weekly Pivot Points:
WR3 - $20,566
WR2 - $20,144
WR1 - $19,963
Weekly Pivot - $19,722
WS1 - $19,540
WS2 - $19,300
WS3 - $18,878
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.
