#Bitcoin Bulls Confident, Will The Uptrend Continue?
Past Performance of Bitcoin
Based on the candlestick arrangement in the daily chart, bitcoin prices are in a tight range. Even though the uptrend remains, the past few trading sessions have been volatile, but prices remain within the 31.3k and 29.3k zone. Therefore, the rejection of lower prices could support bulls. However, conservative traders can opt to watch price action unless there is a clear close above June highs.
#Bitcoin Technical Analysis
The uptrend remains since prices are above the 29.8k and 30k tight support zone. Technically, every low above this zone may offer entries for aggressive traders. Note that prices are volatile, and there are dojis indicating that the market is balanced. Nonetheless, the dropping upside momentum and the failure of buyers to press higher over the weekend cast doubt on the strength of bulls. For now, unless there is a conclusive close above 31.3k, risk-on traders can opt to keep track of price action. On the other hand, gains/losses above or below 31.3k or 29.8k, respectively, may shape the near-term formation.
What to Expect from #BTC?
Buyers are optimistic since the overall, medium-term trend points to supportive price action favoring bulls. Still, bulls can only commit once there are conclusive breakouts above crucial resistance/support levels in the coming sessions.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Based on the candlestick arrangement in the daily chart, bitcoin prices are in a tight range. Even though the uptrend remains, the past few trading sessions have been volatile, but prices remain within the 31.3k and 29.3k zone. Therefore, the rejection of lower prices could support bulls. However, conservative traders can opt to watch price action unless there is a clear close above June highs.
#Bitcoin Technical Analysis
The uptrend remains since prices are above the 29.8k and 30k tight support zone. Technically, every low above this zone may offer entries for aggressive traders. Note that prices are volatile, and there are dojis indicating that the market is balanced. Nonetheless, the dropping upside momentum and the failure of buyers to press higher over the weekend cast doubt on the strength of bulls. For now, unless there is a conclusive close above 31.3k, risk-on traders can opt to keep track of price action. On the other hand, gains/losses above or below 31.3k or 29.8k, respectively, may shape the near-term formation.
What to Expect from #BTC?
Buyers are optimistic since the overall, medium-term trend points to supportive price action favoring bulls. Still, bulls can only commit once there are conclusive breakouts above crucial resistance/support levels in the coming sessions.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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