Technical Analysis for BTCUSD for 6th July 2022
Bitcoin Bulls Optimistic, BTC Primary Resistance at $21k
Past Performance of BTC
The expansion of BTC prices on July 4 had relatively high trading volumes, pointing to participation. At spot rates, prices are stable. Even amid trader optimism, there must be a sharp close above the middle BB and $21k, confirming July 4 gains.
Bitcoin Technical Analysis
From the formation in the daily chart, buyers stand a chance. Prices are generally firm despite the slow down in the early Asian session. Still, because BTC is trending above last week's lows at $18.8k, traders can find entries in lower time frames. The immediate target in this setup will be $21k and later $22k. On the other hand, risk-averse traders can wait for a definitive close above $23k before loading the dips. This is because if there is a break below $18.8k with relatively high trading volumes, bears of mid-June will be confirmed, nullifying the current bullish preview.
What to Expect from BTC
Bitcoin is bearish from a top-down preview. Unless there is a strong surge above $23k, sellers will remain in charge. Nonetheless, traders are upbeat, expecting more, especially if there is a follow through of July 5 gains.
Resistance level to watch: $21k
Support level to watch: $18.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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