The Bitcoin market is relatively stable and characterized by low volatility
Investors and traders regulate Bitcoin in one price range already for more than a month and volatility is declining.
The last 7 days we have been able to see a beautiful example of how the indicators from our Technical Analysis work. The bulls however decided to continue buying BTC even though the RSI was overheated and oversold on almost all indicators.
As a result, on July 8, BTC approached resistance at $ 9,500 ($ 9,470 binance), but the next day the bears shot it down. Resistance zone and RSI have once again shown their importance in understanding and predicting market behavior.
Bitcoin is now trading at $ 9,300 (binance) and is currently deciding on another move.
What does TA recommend?
- Historical Volatility Index is at several time frames in critically low values, this has always meant a rise in price on the market
- RSI relatively neutral
- Support remains at $ 9,000, then very important at $ 8,400
- Resistance is at $ 9,500 and the second stop is $ 10,000
- Open Long orders around $ 9150 SL 5%
- Open Short orders around $ 9600 SL 5%
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