#Bitcoin Falters and Drops 2%, BTC Bulls Find Support at $30k
Past Performance of Bitcoin
Bitcoin is lower when writing, dropping towards the 30k level. The sell-off stems from developments on July 6 and follows a refreshing surge to 31.3k before tumbling to spot levels. Despite traders--and the general BTC structure supporting buyers, the failure of buyers to push prices above the April high is a concern. Subsequently, the series of lower lows registered this week could fast-track the dump toward 30k or worse in future sessions.
#Bitcoin Technical Analysis
The path of least resistance, from the top-down preview, is northwards—but this is fast changing considering the sell-off of the past few trading days. The support zone between 29.8k and 30k is critical for now. Moreover, the long-upper wick of July 6 suggests that sellers are firm, and there could be more room for bears to press on today. Still, conservative traders can wait until there is a clear breakout below 29.8k before committing. In that case, a clean break with expanding volumes may open up BTC for a retest of 28.3k. Conversely, a recovery reversing yesterday's loss may be the base for a retest of 31.3k.
What to Expect from #BTC?
BTC is weak and could reverse recent gains posted in early July. At spot rates, the odds are high for more sell-off below 29.8k. Based on this formation, risk-on traders should wait for a clear definition below 29.8k, or 31.3k, before riding the emerging trend.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is lower when writing, dropping towards the 30k level. The sell-off stems from developments on July 6 and follows a refreshing surge to 31.3k before tumbling to spot levels. Despite traders--and the general BTC structure supporting buyers, the failure of buyers to push prices above the April high is a concern. Subsequently, the series of lower lows registered this week could fast-track the dump toward 30k or worse in future sessions.
#Bitcoin Technical Analysis
The path of least resistance, from the top-down preview, is northwards—but this is fast changing considering the sell-off of the past few trading days. The support zone between 29.8k and 30k is critical for now. Moreover, the long-upper wick of July 6 suggests that sellers are firm, and there could be more room for bears to press on today. Still, conservative traders can wait until there is a clear breakout below 29.8k before committing. In that case, a clean break with expanding volumes may open up BTC for a retest of 28.3k. Conversely, a recovery reversing yesterday's loss may be the base for a retest of 31.3k.
What to Expect from #BTC?
BTC is weak and could reverse recent gains posted in early July. At spot rates, the odds are high for more sell-off below 29.8k. Based on this formation, risk-on traders should wait for a clear definition below 29.8k, or 31.3k, before riding the emerging trend.
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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