Exclusive Bitcoin (BTC) Resumes Range Trading After Rejection

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In Brief
  • 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.

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

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.

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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.

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 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 Chart By TradingView

Wave count

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 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 Chart By TradingView

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

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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