BTC – “Wait and See Approach”

8-Hour Analysis:

Big Picture: Another session with very little price movement. Bitcoin had very little to offer in previous session. However, the fact that supports are still in place and the price is beginning to consolidate below the critical resistance zone is still a favorable sign. Buyers must push it over the 2018 ATH level once again in order to be open to a move higher. Furthermore, today is the monthly closing session, so higher volatility is probable.

On the Upside congestion is forming in the 19,550-19,800 range. This level must be regained once more, and strength must remain above it in order to push for considerable upside. If this level is successfully reclaimed, the upside can be extended further, first to 20,400, then to 20,550-20,790. However, sustained momentum above these levels will take price to 21,200, followed by 21,880.

On the Downside fresh intra-day support at 19,250 have been established. Following that, the next level of support is positioned in the 18,600 area. As long as Bitcoin trades above the 18,600 zone, the downside risk is restricted; nevertheless, pressure buildup below this level may result in a fast fall back towards 18,250-17,950 initially, with June’s lows as the next objective.