Main point:
Bitcoin (BTC) is taking a breath, but a positive indication is that the bulls have not given much land to the bear. This suggests that bulls are holding their positions as they estimate uptrend to resume.
US-based BTC exchange-traded funds recorded $ 799.4 million in the flow on Wednesday, tenth serial day of day, according to Persian Investors, dataInvestors have pledged over $ 5.2 billion in BTC ETF from July 2.
Can BTC uptrend start again? What are the level of goal and support to see? Let’s analyze the chart to know.
BTC Price Prediction
Buyers tried to resume UP’s move on Wednesday, but the long talk on candlestick shows that Beers defended a level of $ 120,000.
Repeated failures to cross the level of $ 120,000 may initiate a deep pullback towards the 20-day exponential moving average ($ 113,528). If the value is away from the 20-day EMA, the bulls will again try to emphasize the BTC/USDT pair above $ 120,000 to $ 123,218 resistance. If they succeed, the pair can start the next stage of uptrend at a pattern target of $ 135,729 and eventually $ 150,000.
The bear must reduce the price below with the support of $ 110,530 to seize the control. The pair can then fall to $ 105,000.
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The 20-EMA is flattened, and the relative power index (RSI) is just above the middle point on the 4-hour chart, indicating a possible boundary formation over the near period. The pair can trade between $ 115,000 and $ 123,218 for some time.
If the price decreases and breaks below $ 115,000, the pair may fall on the neckline and later for concrete support at $ 110,530. Buyers are expected to defend a level of $ 110,530 fiercely as a brake below it may tilt the short -term profit in favor of bears.
The first sign of strength on the reverse will be a break of above $ 120,064. The pair can then withdraw all -time high levels at $ 123,218.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
