Bitcoin continues to test investors' patience as it remains within a narrow range. Although recent gains have been made, traders need to remain vigilant as narrow volatility often leads to a sharp increase in volatility
Bitcoin continues to test investors' patience as it remains within a narrow range. Although recent gains have been made, traders need to remain vigilant as narrow volatility often leads to a sharp increase in volatility. The only problem is that it is difficult to predict the direction of breakthrough with certainty.
Btc analysis
On July 21st, bulls pushed prices above the 20-day moving average, while bears will attempt to strengthen their position by lowering prices to a key support level of $29500.
If we successfully stand firm in the closing position, it will indicate that consolidation has been beneficial for bears.
BTC may slide to the 50 day Simple Moving Average (SMA) of $28869, before falling to $27500.
On the contrary, if the price rises significantly and exceeds the 20 day moving average, it will indicate that the pair of currencies may rise to $31000. A new upward trend may emerge when it exceeds $32400.
But if everything is the same, we may end up with around $30000, which is a slow week.
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