TechFlow news, July 28 — According to CoinDesk, Markus Thielen, founder of 10x Research, said that for traders hoping to join the Bitcoin rally, waiting for a pullback to the May high support level around $111,673 would offer a better risk-reward entry point.
In a report to clients, Thielen noted, "We would like to see Bitcoin retest its breakout level of $111,673 to provide a more favorable risk/reward entry." He explained that markets typically retest breakout levels before larger bull runs, so the possibility of a pullback to this level cannot be ruled out.
Thielen added that if no meaningful pullback occurs, the best entry point would be a breakout above $120,000, which would signify a break of the descending trendline from the highs on July 14 and 23.
