Bitcoin Technical Price Outlook: BTC / USD Trading Levels
Bitcoin prices fell by more than 16% during the month with BTC /USD now facing key technical assistance targets close to the annual minimum. The shake of cryptocurrency may be ripe here, and we will be looking for negative exhaustion in a lower position in the coming weeks. These are important updated targets and revocation levels in BTCUSD technical price charts. Overview my last Strategy webinar thorough distribution its Bitcoin configuration and more.
Bitcoin price chart – BTC / USD Daily
Technical outlook: Last month’s Bitcoin Price outlook we noted that Bitcoin sales-ff were suspended at the time of the “1.618% extension / closing of the low day of 2021 30655-32005 – this support zone remains critical. “More than 33% of the lower low rebound failed to resist the downward trend in mid-June as BTC / USD now tried to mark the first daily close to the 30655 support zone from January – risk of continuing losses, while median line / July open at 35059.
Bitcoin price chart – BTC / USD 240min
Notes: On closer inspection of the Bitcoin price operation, BTC / USD shows trading in a declining range tork The current distribution, with the highest level in 2006, compromises the 25% parallel to record recent lower levels of several weeks. Initial support for the 2021 targets, which are 28999 strongly supported 61.8% Fibonacci 2020 rally every year opening area low clock 27169-27734– an area of interest for possible exhaustion IF reached. Initial resistance now back at 30655 and the annual low day closes at 32005– intraday advances should be within this threshold IF another low is on the maps.
Bottom line: The decline in Bitcoin has fallen below the support of the downward trend, the decline is now approaching the following main support objectives – see closing. From a trading standpoint, see how to reduce the range of short exposures / lower protection stops for main support at 27169-27734 – wait for a greater response when this is achieved. Ultimately, the risk remains here at the freshest monthly low, where violations over the July open are needed to bring the bulls under control.
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– Written Michael Boutros, DailyFX currency strategist
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