Bitcoin Rangebound at Support; Resistance at $36K

Bitcoin Rangebound at Support; Resistance at $36K

Bitcoin (BTC) was holding support around $33,000 at press time and is down about 5% over the past week. The cryptocurrency had a choppy trading session during Asia hours and is stuck in a tight range since June. Initial resistance is seen at $36,000 as short-term buyers continue to take profits.

  • A series of lower price highs over the past two weeks has prevented bitcoin from reaching $40,000, which is the top of the trading range.
  • Minor support is seen at $33,000 which is near the 100-period moving average on the four-hour chart.
  • Bitcoin also has a series of higher price lows from the June 22 shakeout around $29,000. Lower price highs and higher prices lows indicates a period of consolidation as buyers and sellers are undecided about future price direction.
  • The relative strength index (RSI) is broadly neutral after reaching overbought levels on July 4, which preceded a pullback in price.
  • Source

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