#Bitcoin in a Bullish Formation with Caps at June 2023 Highs
Past Performance of Bitcoin
Bitcoin prices slipped on July 6 but remain bullish, per the formation in the daily chart. At spot rates, the coin remains within a consolidation, moving tightly inside a 1.5k zone with caps at 31.3k and 29.8k on the lower end. Technically, buyers have the upper hand, but there can be more upsides if traders shake off the current weakness and boost prices above immediate liquidation levels.
#Bitcoin Technical Analysis
The June 30 doji bar defines the current trade range. Even though prices increased in early July, there must be a conclusive break above 31.3k for buyers to be in control. As it is, the consolidation might offer entries for aggressive buyers loading the dips. However, being on the cautious side, conservative, risk-on traders can wait for a clean, high-volume breakout in either direction before riding. Any confirmation of buyers above 31.3k may see BTC rise to 32.5k in a buy trend continuation formation. Conversely, losses below 29.8k cancel this upbeat forecast, paving the way for sellers angling for 28.3k, and lower.
What to Expect from #BTC?
Traders are confident, but the failure of higher highs in the past few days has been heaping pressure on bulls and slowing down the uptrend. Nonetheless, there could be more upswings should BTC break 31.3k.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices slipped on July 6 but remain bullish, per the formation in the daily chart. At spot rates, the coin remains within a consolidation, moving tightly inside a 1.5k zone with caps at 31.3k and 29.8k on the lower end. Technically, buyers have the upper hand, but there can be more upsides if traders shake off the current weakness and boost prices above immediate liquidation levels.
#Bitcoin Technical Analysis
The June 30 doji bar defines the current trade range. Even though prices increased in early July, there must be a conclusive break above 31.3k for buyers to be in control. As it is, the consolidation might offer entries for aggressive buyers loading the dips. However, being on the cautious side, conservative, risk-on traders can wait for a clean, high-volume breakout in either direction before riding. Any confirmation of buyers above 31.3k may see BTC rise to 32.5k in a buy trend continuation formation. Conversely, losses below 29.8k cancel this upbeat forecast, paving the way for sellers angling for 28.3k, and lower.
What to Expect from #BTC?
Traders are confident, but the failure of higher highs in the past few days has been heaping pressure on bulls and slowing down the uptrend. Nonetheless, there could be more upswings should BTC break 31.3k.
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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