Bexplus Jul 8 - Are we out of the consolidation?
Bitcoin is still trapped between $33,000-$35,000, with limited power to flip the 35k into resistance. Bitcoin briefly touched $35,000 but soon lack momentum and declines all the way to $29,800 on July 8. The BTC/USD pair is now trading below the 100 hourly simple moving average and the 23.6 Fib retracement level.
Bollinger Bands were observed to converge on the 1-hour chart, suggesting market volatility has subsided. 33k remains the horizontal support but BTC is at risk of falling below this level. If the bull fails to defend this level, the price could move further down.
Strategies:
Short: $34,000 Stop-loss level: $34,300
Long: $32,800 Stop-loss level: $32,400
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Bollinger Bands were observed to converge on the 1-hour chart, suggesting market volatility has subsided. 33k remains the horizontal support but BTC is at risk of falling below this level. If the bull fails to defend this level, the price could move further down.
Strategies:
Short: $34,000 Stop-loss level: $34,300
Long: $32,800 Stop-loss level: $32,400
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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