Deep Tide TechFlow News, on July 28, according to CoinDesk, 10x Research founder Markus Thielen stated that for traders looking to join the Bitcoin uptrend, waiting for Bitcoin to pull back to the May high support level around $111,673 will provide a better risk-reward entry point.
Thielen noted in a report to clients, "We want to see Bitcoin retest its breakout level of $111,673 to provide a more favorable risk/reward entry point." He explained that the market often retests breakout points before a larger bull market, so a pullback to that level cannot be ruled out.
Thielen further stated that if no significant pullback occurs, the best entry point would be above the breakout of $120,000, which marks the breakout of the descending trend line from the highs on July 14 and 23.
