Bitcoin trades at a 4.4% drop in price and a 9.9% increase in volume at $ 27.8billion. If the asset can break through its overhead resistance, it could pull ETH and BCH AXS to further their upward trend. Analysts expect the weekly close to the 200-week moving mean to attract more buyers. However, a break below this could indicate that the bears have returned. Analysts believe that Bitcoin has been in an accumulation area since May, despite the uncertain near-term outlook.
BTC is a dominant currency with a dominance of around 42.8%. Its trading volume has seen a more than 7% increase in the past week.
BTC traded at $21,800 as of the writing date.
Chart for Bitcoin (BTC).
After making the $17,567 low, BITCOIN started consolidating and traded in a wide range of $18,000 to $23,000. Finally, the asset broke out of the range and reached a weekly high of $24,287. The prices did not sustain and closed at $23,500. We can see that all three bottoms have created a “Higher Lows” and “Higher Highs”, which indicates a reverse. BTC is currently trying to find support at its 20 Day Moving Average. It is also making a small bullish signal. If the support holds, we expect prices to rise further to $28,500. $17,500 will be strong support. A break below it would negate the analysis.
Support 2Support 1AssetResistance 1Resistance 2$15,500$17,500BTC$23,500$28,000
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 have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, correctness, completeness, or reliability of any information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in cryptocurre ncies viz. Bitcoin Cash, Ethereum, and Ethereum are highly speculative investments that can be subject to market risk. The Author’s analysis should be used only as information and should not be considered investment advice.
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