Bitcoin and his unconvincing upward movements

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.

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29 Jun 2020 , 15:43 @ Matey Salt

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

Trading tips:

  • LONG only if we go to $ 8,400 SL 5%
  • SHORT orders in area $ 9500 SL 5%

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    Matey Salt

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