Bitcoin stabilizes pending further news from ETFs and the US Treasury. Prices are maintaining a short-term range that continues to keep investors waiting. Analysis!
Bitcoin – Weekly Chart
The weekly display confirms the current neutrality. Prices remain supported by the weekly Tenkan, a technical level that investors have managed to win back, which helps rule out a risk of a bearish acceleration towards $25,000.
Resistance is still at this level of $32,000, represented by the top of the weekly cloud. This remains the critical level buyers need to break to send a strong signal in the medium term. Note the lack of volumes, which currently rather suggest a range scenario for the rest of the summer.
Unless there is a major institutional move, Bitcoin looks set to remain at current levels pending validation or not. from the SEC on ETFs offered by many mutual funds.
Bitcoin – Daily Chart
The daily view reflects the current range and investor expectations.
In fact, prices remain firmly in this range between $29,800 and $31,500. So while the Ichimoku remains positive with prices well above the daily cloud and a daily Tenkan trying to act as support, the situation remains neutral.
It is therefore easy to foresee two scenarios. The first is an output from the top of the row: prices will seek $32,000, or even by extension $33,000, the next major technical resistance. The second scenario is an exit from the bottom of the range: in this case, return to the daily Kijun, which is currently at $28,800. By extension the top of the daily cloud will be the next key area. Placed at $28,405.
It should be noted that this area makes it possible to clean, healthy for the buyers, the divergences present on the oscillators. The RSI clears and continues to develop in its bullish zone. MACD maintains its sell signal, but its moving average is tightening and will be monitored over the next few days.
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