#Bitcoin Bulls Optimistic, BTC Primary Resistance at $21k
Past Performance of Bitcoin
The expansion of BTC prices on July 4 had relatively high trading volumes, pointing to participation. At spot rates, prices are stable. Even amid trader optimism, there must be a sharp close above the middle BB and 21k, confirming July 4 gains.
#Bitcoin Technical Analysis
From the formation in the daily chart, buyers stand a chance. Prices are generally firm despite the slow down in the early Asian session. Still, because BTC is trending above last week's lows at 18.8k, traders can find entries in lower time frames. The immediate target in this setup will be 21k and later 22k. On the other hand, risk-averse traders can wait for a definitive close above
23K before loading the dips. This is because if there is a break below 18.8k with relatively high trading volumes, bears of mid-June will be confirmed, nullifying the current bullish preview.
What to Expect from #BTC?
Bitcoin is bearish from a top-down preview. Unless there is a strong surge above23K, sellers will remain in charge. Nonetheless, traders are upbeat, expecting more, especially if there is a follow through of July 5 gains.
Resistance level to watch out for: 21k
Support level to watch out for: 18.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
The expansion of BTC prices on July 4 had relatively high trading volumes, pointing to participation. At spot rates, prices are stable. Even amid trader optimism, there must be a sharp close above the middle BB and 21k, confirming July 4 gains.
#Bitcoin Technical Analysis
From the formation in the daily chart, buyers stand a chance. Prices are generally firm despite the slow down in the early Asian session. Still, because BTC is trending above last week's lows at 18.8k, traders can find entries in lower time frames. The immediate target in this setup will be 21k and later 22k. On the other hand, risk-averse traders can wait for a definitive close above
23K before loading the dips. This is because if there is a break below 18.8k with relatively high trading volumes, bears of mid-June will be confirmed, nullifying the current bullish preview. What to Expect from #BTC?
Bitcoin is bearish from a top-down preview. Unless there is a strong surge above
23K, sellers will remain in charge. Nonetheless, traders are upbeat, expecting more, especially if there is a follow through of July 5 gains.Resistance level to watch out for: 21k
Support level to watch out for: 18.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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