Bitcoin is moving toward retesting lower levels. This could lead to some altcoins such as UNI and AAVE experiencing a breakout. The asset lost ground over the weekend as investors remain cautious regarding US consumer inflation data due July 13th. Analysts predict that June’s CPI will be higher than May’s 8.6%. Investors aren’t confident that the correction is complete due to macro uncertainty. The Reserve Risk, which measures long term investor sentiment, saw a record-breaking July reading. BTC is trading at around 42.8% with a more than 7% increase.
BTC traded at $20650 as of the writing of this article.
Chart for Bitcoin (BTC).
BITCOIN created double Doji candles at $19,000, and then started to move up with low volumes. It reached a weekly peak of $22,527. The asset encountered stiff resistance at $23,000, and made back-to-back Doji candles near the resistance. This indicates indecision in this trend. Bitcoin is supported at $17,000, while $23,000 will be a strong resistance. Breakouts either side of this range will determine the future trend of the asset. An asset with a flat Moving Average and RSI of 50 indicates a neutral stance.
Key Levels:
Support 2Support 1AssetResistance 1Resistance 2$15,500$17,000BTC$23,000$28,000Bitcoin (BTC) Chart
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that has not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, reliability, or correctness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading and Investments in cryptocurrencies viz. Bitcoin Cash, Ethereum, and Bitcoin Cash are just a few of the cryptocurrencies that you can trade & invest in. These are highly speculative investments and can be subject to market risk. The Author’s analysis is intended to be informative only and should not serve as investment advice.
11th- July-2022 ZebPay.