Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The range was not yet breached as BTC bears remained unable to breach the demand zone below $30k.
• The indicators and volume showed that sellers had a strong advantage and further losses can follow.

Bitcoin [BTC] continued to trade within the same range it has been stuck inside since 23 June. The sharp rejection at the highs last week saw the price dip back to the lows which the buyers have defended so far.

Read Bitcoin’s [BTC] Price Prediction 2023-24

The range extended from $29.8k to $31.5k on the chart. BTC’s momentum and market structure were bearish on the lower timeframe chart, but contrarian traders could be rewarded if the bulls can reverse the recent losses.

The range remained undefeated which meant Bitcoin traders can expect a continuation

In a report last week, it was highlighted that a drop below the $30k mark could offer a buying opportunity. On 18 July BTC did see a drop to the $29.5k level, which was the low that the price reached on 30 June as well.

At the time of writing, the RSI was below neutral 50 but formed a hidden bearish divergence. This is when the price forms a lower high but the RSI forms a higher high, and it signals a continuation of a downtrend. The OBV also supported this idea as it has sunk lower over the past three days to show bearish dominance.

Yet, the indicators follow price action, and the price showed that the

Go to Source to See Full Article
Author: Akashnath S

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details