$BTC unable to break resistances yet
Key levels
Short term
Supports—> S1: 9,900 & S2: 9,300
Resistances—> R1: 10,900 & R2: 11,700
Medium term
Supports—> S3: 8,800 & S4: 8,000
Resistances—> R3: 12,300 & R4: 13,000
Potential scenario
As argued in past market analyses, Bitcoin has been forming a large triangle for the last 3 months. However, last week it broke its lower band to test S2 at $9,300. This support has proved to be a key support and a demand zone for the price since it has rejected the price the last four time that it has attempted to break it.
On the other hand, the scenario keeps being rather bearish. None of the maximums (with a red circle) have been broken since we reached $13,800 the last month of June. It is likely to get further corrections to $8,700 if the price cannot break R1 and R2.
TA comment
In a potentially bearish scenario like the one we are currently in for Bitcoin and most of the crypto market, choosing indicators that will pinpoint retracements or pullbacks during the downtrend.
For this purpose, we have been testing the indicator RSI with region crossover to open long positions once the RSI goes from the oversold back to the neutral zone. As you can see in the chart, once the price recovers momentum after a fall, the RSI enters back into the neutral zone, which can be automated for any cryptocurrency you would like to choose.
Pattern
The main pattern currently being formed by the price is the large triangle represented in the chart with orange bands. Last week, its lower band, the one that was making increasing minimums (bullish sign) was broken, which suggests that the bears might be winning the fight and this triangle will break downwards.
Short term
Supports—> S1: 9,900 & S2: 9,300
Resistances—> R1: 10,900 & R2: 11,700
Medium term
Supports—> S3: 8,800 & S4: 8,000
Resistances—> R3: 12,300 & R4: 13,000
Potential scenario
As argued in past market analyses, Bitcoin has been forming a large triangle for the last 3 months. However, last week it broke its lower band to test S2 at $9,300. This support has proved to be a key support and a demand zone for the price since it has rejected the price the last four time that it has attempted to break it.
On the other hand, the scenario keeps being rather bearish. None of the maximums (with a red circle) have been broken since we reached $13,800 the last month of June. It is likely to get further corrections to $8,700 if the price cannot break R1 and R2.
TA comment
In a potentially bearish scenario like the one we are currently in for Bitcoin and most of the crypto market, choosing indicators that will pinpoint retracements or pullbacks during the downtrend.
For this purpose, we have been testing the indicator RSI with region crossover to open long positions once the RSI goes from the oversold back to the neutral zone. As you can see in the chart, once the price recovers momentum after a fall, the RSI enters back into the neutral zone, which can be automated for any cryptocurrency you would like to choose.
Pattern
The main pattern currently being formed by the price is the large triangle represented in the chart with orange bands. Last week, its lower band, the one that was making increasing minimums (bullish sign) was broken, which suggests that the bears might be winning the fight and this triangle will break downwards.
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