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Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- The vary was not but breached as BTC bears remained unable to breach the demand zone beneath $30k.
- The indications and quantity confirmed that sellers had a robust benefit and additional losses can observe.
Bitcoin [BTC] continued to commerce inside the same range it has been caught inside since 23 June. The sharp rejection on the highs final week noticed the value dip again to the lows which the patrons have defended up to now.
Learn Bitcoin’s [BTC] Price Prediction 2023-24
The vary prolonged from $29.8k to $31.5k on the chart. BTC’s momentum and market construction have been bearish on the decrease timeframe chart, however contrarian merchants may very well be rewarded if the bulls can reverse the current losses.
The vary remained undefeated which meant Bitcoin merchants can anticipate a continuation
Supply: BTC/USDT on TradingView
In a report final week, it was highlighted {that a} drop beneath the $30k mark might supply a buying opportunity. On 18 July BTC did see a drop to the $29.5k stage, which was the low that the value reached on 30 June as properly.
On the time of writing, the RSI was beneath impartial 50 however shaped a hidden bearish divergence. That is when the value varieties a decrease excessive however the RSI varieties a better excessive, and it alerts a continuation of a downtrend. The OBV additionally supported this concept because it has sunk decrease over the previous three days to point out bearish dominance.
But, the indications observe worth motion, and the value confirmed that there’s a good quantity of demand beneath the $30k mark. Therefore, patrons can look to carry BTC over the following few days. Their take revenue ranges are the mid-range mark at $30.6k and the vary highs at $31.5k.
Is your portfolio inexperienced? Verify the Bitcoin Profit Calculator
The short-term bearish sentiment was highlighted within the Open Curiosity chart
Supply: Coinalyze
On 18 July, Bitcoin costs declined from $30.2k to $29.7k. Throughout this time the Open Curiosity climbed $9.78 billion to $10.24 billion. This was an indication of robust bearish sentiment out there on the decrease timeframes.
Furthermore the spot CVD continued to development downward to point out promoting strain remained robust. The funding fee was constructive however supplied little solace to the bulls. Though proof pointed towards additional losses, the vary formation have to be revered till it’s damaged.
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