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Bitcoin (BTC) Resumes Range Trading After Rejection

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Written by
Valdrin Tahiri

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Edited by
Kyle Baird

08 July 2021 07:56 UTC
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  • Bitcoin is trading in a long-term range between $31,300 and $40,550.
  • BTC has minor support levels at $32,725 and $30,500.
  • The wave count is unclear.
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The bitcoin (BTC) price was rejected on July 7 but is still trading inside its previous range.

The short-term reading and the wave count provide mixed readings, leading to an undetermined trend.

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BTC trading range

BTC made another attempt at moving upwards on July 8, but created another long upper wick. It has fallen slightly since, so far reaching a low of $32,530.

It has been trading relatively close to this level since June 21. 

Technical indicators are undecided. The RSI is at the 50-line and the Stochastic oscillator is undecided between making a bullish or bearish cross. Similarly, the MACD has lost its strength but is still positive.

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BTC is still trading inside the same range between $31,300 and $40,550. The latter target is the 0.382 Fib retracement resistance level.

BTC Movement
BTC Chart By TradingView

The shorter-term two-hour chart shows that BTC is trading at the $32,725 minor support level. This is the 0.5 Fib retracement support level of the most recent portion of the upward movement. In addition, it’s a horizontal support area.

Similar to the daily time frame, technical indicators provide a mixed reading. The MACD is at the 0 line while the RSI is moving above and below 50.

If a breakdown occurs, the next support would be found at $30,500. This is the 0.786 Fib retracement support level and a horizontal support area.

BTC short-term
BTC Chart By TradingView

Wave count

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The wave count is currently unclear. The bearish count suggests that BTC is in a large 1-2/1-2 formation, which could eventually lead to lows near $19,000.

BTC Bearish
BTC Chart By TradingView

The bullish count suggests that BTC is trading inside a symmetrical triangle as part of a complex corrective structure. This could lead to a retest of the range high.

Due to both counts being technically valid and the mixed readings from technical indicators, the current wave count is a bit ambiguous.

BTC Bullish
BTC Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

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