Bitcoin and his unconvincing upward movements
In the bitcoin market, we see weak attempts to increase the price and we retest the resilience of support at $ 9,000.
Since our last analysis, the bulls have decided to raise the price, but have not withstood more than two days over resistance at $ 9,500. The maximum price recorded on the binance exchange on June 22 was $ 9,780, but 5 days later, btc came under important support and we saw a price of $ 8,833.
It’s been a month since bitcoin has been moving in the $ 9,000-$ 10,000 range, and that can mean two things:
- Consolidation and accumulation before a stronger upward movement
- Successful regulation of the $ 10,000 zone by bears and BTC will soon fall deeper
The technical analysis says:
- We have resistance at $ 9,500, unlikely to test it again this week
- Current support at $ 9,000 has been held by BTC so far, but if the bears beat it we can go up to $ 8,400
- RSI is quite neutral
- Trading activity by volume is still weak, this can predict further movement to the side and in the same corridor
- LONG only if we go to $ 8,400 SL 5%
- SHORT orders in area $ 9500 SL 5%
Follow our social media and get news on time