Bitcoin (BTC/USD) Market keeps Operations in Ranges

Bitcoin Price Prediction – July 17
The BTC/USD market keeps operations in ranges in a lightly successive downward-moving manner to trade around a level of $32,045. The market’s percentage rate of trading stands at about 1.67.

BTC/USD Market
Key Levels:
Resistance levels: $35,000, $40,000, $45,000
Support levels: $30,000, $27,500, $25,000

BTC/USD – Daily Chart
The BTC/USD daily chart shows that the crypto market keeps operations in ranges of $35,000 and $30,000 that it has been over time kept. Variant tinier candlesticks have formed towards the lower range point at $30,000. The critical support baseline remains drawn at $30,000 to mark the extent to which the lighter falling force in the market may achieve in the long run of prolongation. The 14-day SMA indicator is beneath the 50-day SMA indicator as the bearish trend-line remains drawn-down across them. The Stochastic Oscillators are in the oversold region, slantingly pointing toward the southbound to indicate that BTC is still under pressure paired with the US fiat currency.


As BTC/USD market keeps operation in ranges, will it lower down to break the critical support baseline?

As the BTC/USD market keeps operations in ranges, there now seems that the capacity to the downside is getting reduced gradually day by day. Therefore, breaking past the critical support baseline at $30,000 isn’t releasable easily in the near session. Being as it is, bulls are to continually lookout for a good buy entry around the value earlier mentioned. Nevertheless, there has been no strong buy signal that bulls can safely rely upon currently.

On the downside, bears needed to be cautious of furthering their entries as even the crypto market continually succumbs to slight pressures toward the critical support baseline at $30,000. A further downward on a lowly motion may most likely lead the price to touch the support line. Any extension as regards trading beneath that point could degenerate into a trapping zone for bears. Therefore, shorting further at that level should be suspended.

BTC/USD 4-hour Chart

It depicts on the BTC/USD 4-hour chart that the crypto market keeps operations around the lower range line of $32,000 from July 15 until the writing today. The upper range line is at $36,000. The SMAs are in the range-bound zones as the 50-day SMA trend-line is over the 14-day SMA trend-line. The Stochastic Oscillators have freshly dipped their lines into the overbought region, signaling that the movement to the upside yet lacks capacity it deserves to make a stride. Even though that the expectation to the northward is higher. But, then, traders are advised to be wary of entering new positions now.

 

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Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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