Bitcoin (BTC/USD) Market Elongates Moves in Range
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Bitcoin Price Prediction – July 6
The BTC/USD market elongates moves in the range of around $20,000. Over the last several hours, the price has been trading at $20,354 and $19,735 at a minimal rate of- 0.90%.
BTC/USD Market
Key Levels:
Resistance levels: $22,500, $25,000, $27,500
Support levels: $17,500, $15,000, $12,500
BTC/USD – Daily Chart
The BTC/USD daily chart reveals the crypto-economic market elongates, ranging moves around the $20,000 psychological level underneath the trend lines of the SMAs. The 14-day SMA indicator is beneath the 50-day SMA indicator. The Stochastic Oscillators have swerved northbound from around the range of 40 slightly into the overbought region. There is a light bearish candlestick in the making to signify the situation is relatively experiencing depression.
Can there still be a prolongation in the BTC/USD market activities until the following sessions?
There can still be a prolongation of the BTC/USD trade by around $20,000 over some sessions to feature more. The crypto market elongates moves in a range around the horizontal line to showcase the market hasn’t been able to maintain a definite direction. The technical trading view suggests the market needs downward movements toward the $17,500 support levels to rebuild energy at various capacities.
On the downside of the technical analysis, fetching a resistant-trading clue from the trend line of the 14-day SMA, bears tend to push against any aftermath upswing bound to occur in the market. There can be selling signals while the price tries to swing upward for a touch of resistance point before the $21,982 resistance value-line indicated by the SMA indicator. All in all, traders should be wary of exerting new orders in the current face of the trading situation.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart showcases the crypto economy elongates moves in range, involving the smaller SMA, which is swinging to the east around the horizontal line drawn at the $20,000 level. The 14-day SMA indicator is underneath the 50-day SMA indicator. The bearish trend line drew southward between the resistances of $22,500 and $25,000 values. The Stochastic Oscillators have crossed southbound from the overbought region. That raises a suggestion that a falling force is somewhat imminent.
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