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Cryptoknowmics 2022-07-06 13:15:41

BTC Technical Analysis: Sellers Have Problems in The Range Of $19,000

The technical analysis shows that the price cannot determine the further movement vector for the fourth week on the BTC market. After the weekly candle from 13 June, the dynamics of the Bitcoin price decreased significantly. During the next 3 weeks, the main battleground for market participants is in the $19,000 range. Basically, there has been no bounce back up after the strong Bitcoin fall wave since March 2020. Forming a consolidation above the range of $19,000, buyers hint at the beginning of the formation of a rebound with the final target of $29,000-$30,000. However, these hints are extremely weak and not supported by anything. Source: Tradingview For a confident purchase of Bitcoin, it is worth waiting for the $21,700 mark to break. If, after breaking this mark, the BTC price does not fall below $21,700, it will be a strong signal to buy Bitcoin and expect $29,000-$30,000. The price-fixing below $19,000 will maximize the chances of sellers to continue Bitcoin fall without a correction, with the next target at $13,000. The last line of protection for buyers, in this case, will be around the $18,000 mark. Technical Analysis Of BTC On The Daily Time Frame Source: Tradingview Analyzing the movement of the BTC price on the daily timeframe, you can see how sellers are effortlessly trying to push the price below $19,000. The range of price movements in the consolidation since 15 June is constantly narrowing. Bounces from the $...

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