BTC Price Continues To Consolidate Within The Monthly Range

BTC is now exchanging in a region of $31k to $40.5k. BTC is now trading within a descending concurrent channel.

The Long-term indications point to a gloomy outlook

BTC fell significantly over the week from 12th of July to 19th of July, ultimately falling near to $31k.

Meanwhile, the long-term indications remain pessimistic, whereas the shorter-term view represents a price recovery on its way. Bitcoin’s longer-term support fell over the week of the 12th of July to the 19th of July, forming a bearish trending candlestick and reducing down to $31k.

Due to a decline, BTC is still exchanging within the $32.4k long-term support level that has been set place from early January, resulting in numerous lengthy lower-wicks. The nearest support level is $27k away.

In the weeklong time period, technical indicators are negative. The Moving Average Convergence Divergence is falling and approaching zero, while Relative Strength Index has been under fifty, and the momentum indicator, Stochastic oscillator, produced a bearish signal. As a result, the longer-term course is most certainly negative.

The day chart indicates that Bitcoin is currently trading within the same region of $30.3k to $40.5k that it’s been from the 19th of May, 2021. Bitcoin is now trading close to the support level

Technical indications indicate a mixed picture. Both the Moving Average Convergence Divergence signal line and the Relative Strength Index have generated bullish variations. Nevertheless, the initial is less than 0, and the latest is less than fifty. Furthermore, the Stochastic oscillator also produced a bearish sign.

As a result, while technical indications remain negative, there are signals of a potential rebound.

Bitcoin price fluctuation in the short term

Since the 29th of June, Bitcoin has been exchanging inside a falling parallel channel, according to the 6-hour statistics. Corrective motions are frequently found in these kinds of channels.

After rebounding on its support line on the 16th of July, Bitcoin has been rising. A bullish divergence in the Relative Strength Index preceded the upward rise. Whereas the Moving Average Convergence Divergence is rising, the value is now in the bottom half of the channel.

In an attempt for a potential breakout to be possible, it must recover the channel’s midpoint. If this happens, Bitcoin would most certainly return to the range tops above $40.5k.