Summer Bull run is not taking place yet and there is an unusual silence and stability in the Bitcoin market.
Since the publication of our last analysis, we have only seen a decline trend on BTC and the bears have sent us to the $ 9,000 support zone. However, the bulls resisted and on July 16 did not allow BTC to go below $ 9047 (binance). Be careful, this activity still not confirms the recovery of the bulls, because actually are volumes on the market still weak and sales are stronger.
At Bitcoin market, it currently looks like summer vacation by big players, which is characterized by a certain passivity in trading. The movements what we can see all month are insignificant and the price is kept in one area. It can also mean market maturity and getting rid of high volatility, but also expectations from institutions and their interest in the Bitcoin itself.
Let’s look at the Technical Analysis:
- On the monthly chart, June was closed with a bearish candle
- The volume of trades is still low and bears predominate
- Daily MACD down crossed
- In the coming days, it will be very important that BTC does not fall under the support of $ 9000, if this happens we will probably look at $ 8500/8400
- If BTC wants to wake up to a bullish trend, we finally need to beat the price of $ 10,000, from where we have been sent back down several times since May
- Open Long around $ 9000 SL 5%
- Open Short around $ 9450 SL 5%
Read also: Binance records a 68% increase in the volume of futures trading
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