BTC – “Wait and See Approach”

1-Day Analysis:

Big Picture: Price activity is indecisive and choppy as it remains inside a trading range for yet another day. For more than a week, trade activity has been confined to a range of 19,800 on the upside and 18,500 on the downside. Although buyers attempted but failed miserably. Furthermore, with the monthly close approaching, finishing the month above 20,000 will benefit buyers. A collapse below 17,620, on the other hand, could cause a greater magnitude of decline.

On the Upside price is now being held back by the EMA-50 and the 2018 All-Time-High levels. Both of these levels must be regained if bulls are to attempt a breakout. Back-to-back daily closings above the 20,400 mark are required for Bitcoin to gain momentum. If this is done successfully, price will move towards the 20,550-20,790 zone, breaking which will push price towards 21,200 and 21,880 in the blink of an eye.

On the Downside multiple intra-day supports can be found between 18,250 and 17,750. However, the price has been held by this support band for more than a week. This indicates a high level of demand in this region, however numerous tests will deplete that demand. Below this zone, the main support levels are at 18,200-17,950, followed by the June low.