#Bitcoin Consolidates, BTC Resistance Remains At $31.3k
Past Performance of Bitcoin
At spot rates, there is nothing to write home about BTC. Prices remain within a consolidation, moving below $31.3k and above the primary support zone at between $29.8k and $30k. Even though buyers are optimistic, the rejection of higher highs can be a concern for bulls. Still, with prices consolidating horizontally, the breakout direction could shape the short-to-medium-term trajectory.
#Bitcoin Technical Analysis
Buyers are confident; every low should theoretically provide entries for buyers targeting $31.3k or better. The rejection of higher prices on June 28 was with light volumes. Therefore, the uptrend remains from an effort-versus-result perspective unless there are deep losses below $30k. Conversely, there could be a reprieve if there are gains above $31.3k. Before committing, conservative, risk-on traders can wait for definitive, high-volume breakouts above/below $31.3k and $29.8k, respectively.
What to Expect from #BTC?
Traders are closely watching how price action unfolds in the daily chart. As it is, the path of least resistance is northwards at least from a top-down preview. Even so, the weakness in the recent retracement questions the strength of buyers. Therefore, while bulls remain in control, a break below last week's lows could define the immediate trend for Bitcoin.
Resistance level to watch: $31.3k
Support level to watch: $29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
At spot rates, there is nothing to write home about BTC. Prices remain within a consolidation, moving below $31.3k and above the primary support zone at between $29.8k and $30k. Even though buyers are optimistic, the rejection of higher highs can be a concern for bulls. Still, with prices consolidating horizontally, the breakout direction could shape the short-to-medium-term trajectory.
#Bitcoin Technical Analysis
Buyers are confident; every low should theoretically provide entries for buyers targeting $31.3k or better. The rejection of higher prices on June 28 was with light volumes. Therefore, the uptrend remains from an effort-versus-result perspective unless there are deep losses below $30k. Conversely, there could be a reprieve if there are gains above $31.3k. Before committing, conservative, risk-on traders can wait for definitive, high-volume breakouts above/below $31.3k and $29.8k, respectively.
What to Expect from #BTC?
Traders are closely watching how price action unfolds in the daily chart. As it is, the path of least resistance is northwards at least from a top-down preview. Even so, the weakness in the recent retracement questions the strength of buyers. Therefore, while bulls remain in control, a break below last week's lows could define the immediate trend for Bitcoin.
Resistance level to watch: $31.3k
Support level to watch: $29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
