BTC continues to be in sideways movement and traded in a range of $32,699K to $36,660. It formed a monthly red candle for June, with long upper and lower wicks and closed the month with a 5.95% decline. On the weekly TF, it formed a Doji candlestick pattern which depicts indecision between the bulls and bears, it closed the week with minor gains of 1.66%. It is still managing to hold its 0.786 Fibonacci retracement level which is present at $35K.
On the Daily TF, BTC has been trading in a range of $31,000 to $41,000 since May 19th. It is forming a horizontal channel kind of pattern and currently, it is trading between the lower and middle band of the channel. On the downside, immediate support is present at $32,500, if it decisively breaks this level, the next support is present at $30,000 followed by $28,000.
On the higher side, BTC has not been able to close above its 20-DEMA which is present at $36,200, once we get a daily closing above this level, the next potential hurdle is presented by its 50-DEMA which is placed at $38,000 followed by the major resistance in the range of $41,000 to $41,500.
As per the Elliot Wave formation, BTC is still in the bearish phase and is still in process of making the 5th corrective wave and can make a low of $24,000 before its cycle is over. However, a pullback can be expected till the level of $38,000 before the next downside wave. Weekly MACD is signalling a negative bias.
On the Daily TF, BTC has been trading in a range of $31,000 to $41,000 since May 19th. It is forming a horizontal channel kind of pattern and currently, it is trading between the lower and middle band of the channel. On the downside, immediate support is present at $32,500, if it decisively breaks this level, the next support is present at $30,000 followed by $28,000.
On the higher side, BTC has not been able to close above its 20-DEMA which is present at $36,200, once we get a daily closing above this level, the next potential hurdle is presented by its 50-DEMA which is placed at $38,000 followed by the major resistance in the range of $41,000 to $41,500.
As per the Elliot Wave formation, BTC is still in the bearish phase and is still in process of making the 5th corrective wave and can make a low of $24,000 before its cycle is over. However, a pullback can be expected till the level of $38,000 before the next downside wave. Weekly MACD is signalling a negative bias.