Bitcoin is stabilizing pending further news from ETFs and the US Financial Regulator. Prices maintain a short-term range that keeps investors waiting. Analyses!
Bitcoin - Weekly chart
The weekly view confirms the current neutrality. Prices remain supported by the weekly Tenkan, a technical level that investors managed to recapture and that rules out the risk of a bearish acceleration towards $25.000.
Resistance remains at the $32.000 level, represented by the top of the weekly cloud. This remains the critical level that buyers need to break out to send a strong medium-term signal.. Note the lack of volume, which for now suggests a range scenario for the rest of the summer.
Barring a major institutional move, Bitcoin looks set to stay at its current level until validated, or not. by the SEC on the case of ETFs offered by many investment funds.
Bitcoin - Daily chart
The daily view reflects the current range and investor expectations.
Indeed, prices remain stuck in this range between $29.800 and $31.500. Therefore, although the Ichimoku remains positive with prices well above the daily cloud and a daily Tenkan attempting to play the role of support, the situation remains neutral.
It is therefore easy to foresee two scenarios. The first is a breakout from the top of the range: prices will target $32.000, or even, by extension, $33.000, the next major technical resistance. The second scenario is an exit through the lower part of the range: in this case, to the daily kijun, currently at $28.800.. Extension, the top of the daily cloud will be the next key area. Located at $28.405.
Note that this range cleans up divergences present on the oscillators which is healthy for buyers. The RSI is deflating and continues to evolve in its bullish zone. The MACD is holding its sell signal, but its moving averages are tightening and will be one to watch in the coming days.
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