#Bitcoin stagnant; will BTC bears force prices below $30k?
Past Performance of Bitcoin
Bitcoin prices were technically unmoved over the weekend, looking at price charts. Therefore, while there was a notable contraction on July 6 at the back of expanding volumes, the rejection on July 7 relieved buyers. Still, from an effort-versus-result perspective, sellers have the upper hand in the short term. This can only change if buyers flow back, reversing the June 6 loss at the back of rising trading volumes.
#Bitcoin Technical Analysis
The path of least resistance remains to be northwards despite the current consolidation, from a top-down preview. Prices are boxed inside a 1.5k zone with caps at around 29.8k and 30k on the lower end, and 31.3k on the upper end. As it is, BTC prices are inside a developing bull flag where volumes are relatively light. Therefore, unless there is a conclusive close with rising volumes confirming sellers of July 6 below 29.8k, buyers of the second half of June are in control. For now, aggressive sellers may search for entries, unloading on attempts higher but below 31.3k with targets at 30k and 29.8k in the short term.
What to Expect from #BTC?
For now, traders should be patient considering the light trading volumes and the failure of bulls to wipe losses of July 6 that skews price action in favor of sellers. This formation could be a precursor for more losses this week, slowing down the upside momentum, especially if prices dip below the 29.8k and 30k support zone.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices were technically unmoved over the weekend, looking at price charts. Therefore, while there was a notable contraction on July 6 at the back of expanding volumes, the rejection on July 7 relieved buyers. Still, from an effort-versus-result perspective, sellers have the upper hand in the short term. This can only change if buyers flow back, reversing the June 6 loss at the back of rising trading volumes.
#Bitcoin Technical Analysis
The path of least resistance remains to be northwards despite the current consolidation, from a top-down preview. Prices are boxed inside a 1.5k zone with caps at around 29.8k and 30k on the lower end, and 31.3k on the upper end. As it is, BTC prices are inside a developing bull flag where volumes are relatively light. Therefore, unless there is a conclusive close with rising volumes confirming sellers of July 6 below 29.8k, buyers of the second half of June are in control. For now, aggressive sellers may search for entries, unloading on attempts higher but below 31.3k with targets at 30k and 29.8k in the short term.
What to Expect from #BTC?
For now, traders should be patient considering the light trading volumes and the failure of bulls to wipe losses of July 6 that skews price action in favor of sellers. This formation could be a precursor for more losses this week, slowing down the upside momentum, especially if prices dip below the 29.8k and 30k support zone.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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