This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 6th July 2023

Bitcoin in a Bullish Formation with Caps at June 2023 Highs

Past Performance of BTC

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.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020