Leading Crypto Currency Markets Directionless Even After Crash – Crypto News

The price of bitcoin (BTC) is still rising around $20,000 this week. When is the explosion coming? an analysis.

Bitcoin (BTC): $19,000 Can Be Defended

B T cBTC Rate: $20,096 (Last week: $19,158)

Short-term Resistance/Target: USD 20,378, USD 20,963, $21,892, USD 22,834/23.289, USD $25,498, USD 26,734, USD 29,696/28.107, $29.975, USD 30,612. USD

Short term support: $19,720/20,036, $19,212/18,950, $18,585, $17,909/17,567, $16,180, $14,838, $14,311, $13,858

4-hours chart price analysis based on the price pair BTC/USD on Coinbase

Recap bitcoin:

• The volatility in the price of bitcoin continued to decrease over the past few trading days. Since the last price analysis, there is an upside bias in the downside 23 Fibonacci retracement range between $18,624 and the 78 Fibonacci retracement level of $20,963. Trading margin was up a whopping 12 percentage points.
• However, in the recent days, the bulls have been able to push a series higher local lows.
• Despite the growing setbacks on the classic stock market , The major German index Dax40 was . year reached a new low , The major crypto currency managed to stabilize above the crucial price mark of USD 19,000.

• According to onchain analysis platform Glassnode, a total of 151,000 bitcoins were withdrawn from global crypto exchanges in the last month of June. , Highest ever recorded price since the start of the record. In the past, higher outflows were a bullish sign of price growth.
• Glassnode has seen a dynamic increase in bitcoin addresses worth more than one BTC over the past 3 weeks. Investors clearly see the current price range as an opportunity to stock higher.
• Further Bullish: Bitcoin Remains Strong Despite Continuing Strengthening of the US Dollar , Yesterday on Tuesday it reached the highest level of 19 years , Its trading range is stable around $20,000.

Increased volatility in the coming trading days

• Important economic data is expected this Wednesday evening and next Friday. They can significantly affect prices on global financial markets in both directions.
• The US Notebook Fed releases its FOMC minutes this Wednesday at 8 p.m. Monthly US job data will be released July 8 at 2:30 PM. Investors should keep an eye on both.
• Also to be evaluated positively: the relative strength of the crypto market as a whole, despite the ongoing bad news from the lending sector. In the last few hours of trading, another provider had to file for bankruptcy, Voyager Digital.

• Both the indicators, the RSI and MACD, are generating new buy signals on the 4-hours chart. On a daily basis, the MACD indicator continues to show a buy signal.
• The relevant price marks for the coming days and weeks remain unchanged at USD 19,000 as downside support and USD 21,892 on top.
• Only when bitcoin price can consistently break out of this trading range can a directional decision be planned for the coming period.

Bullish Scenario (BTC):

• Bitcoin attempted again towards the upper edge of the respective trading range yesterday, Tuesday, but failed to pocket the golden range between USD 17,567 and USD 21,892 at USD 20,378 for 4-hours closing prices.
• In the near term, the buyer camp should now attempt to break this resistance to generate a spot at $20,967. If this mark is crossed and the horizontal resistance at $21,373 is surpassed, another attempt can be expected in the Turquoise area near the $21,892 level.

• A sustained breakout above this strong resistance area would activate further price potential towards the resistance area between $22,834 and USD 23,289. The EMA200 (Blue) is currently trading with resistance at USD 22,834 and the higher level 38 Fibonacci retracement level of USD 23,233 on the 4-hours chart.
• In this area, the bulls may want to take higher gains. Brenlager will also plan another attempt to sell.
• If bitcoin develops sufficient buying momentum and continues to break this zone too, a subsequent rally to $24,291 is likely.

recovery is gaining momentum

• If Bitcoin overcomes this area without any significant setbacks, the recovery momentum to the north will continue to gain momentum.
• Although there are also potential reversal levels at $25,498 and $26,170, a direct upward move to the 61 Fibonacci retracement level at $26,734 is more likely. Here it should be difficult for bitcoin to jump straight to the top on the first try.
• If bitcoin can also recapture this resistance in the longer term, attention will be paid to the orange zone between USD 27,696 and the edge of the old tear at USD 28,104.

• Even a direct rise to USD 28,607 is conceivable. At the latest at this price mark, a rise in profits can be expected.
• If bitcoin subsequently jumps above this resistance zone, further targets at $29,256 and $29,975 will be activated.
• The maximum bullish price targets for the coming trading weeks are unchanged at USD 31,750 and USD 32,383.
• A price rally in this area can be interpreted as a technical correction movement until bitcoin stabilizes above $32,383.

Bearish Scenario (BTC):

• Although the bears prevented a move back to the top of the USD 21,892 range several times over the past few trading days, they themselves failed to sell the BTC price below USD 18,950 at the end of the day.
• The sell side will now have to do everything in the near term to bring bitcoin below $19,881. The next move is for BTC price to slide lower near $19,720 per 4-hours close.
• Only then does the possibility of a trend-following movement increase till the 38 Fibonacci retracement level of the current movement towards USD 19,219.
• If this support is also broken and the $18,950 support mark even lower, the 23 Fibonacci retracement level at $18,585 will return to investors’ attention.

Another wave of selling is imminent

• If the bears manage to break even this support, a directional decision will be taken at USD 17,909. Abandoning this support mark brings the year’s low back to the attention of investors at US$17,567.
• If the classic stock market also generates new yearly lows at the same time, bitcoin should break above the $16,180 support level. This course symbol is taken from the daily chart.
• If the attempt to stabilize the bull camp fails, bitcoin could decline again and correct the green support area between $14,837 and $13,858.
• This support area remains the maximum bearish price target for the coming months.

Disclaimer: Price estimates presented on this page do not represent buy or sell recommendations. They are evaluations by the analyst only.

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