Bitcoin (BTC) said “no” to volatility for the third day on July 7, as trading on Wall Street began with little mood change.
The next movement is likely to determine the direction to take ”
Data from Cointelegraph Markets Pro and TradingView tracked the BTC / USD pair as it swapped just north of $ 20,000, maintaining the week ‘s pattern characteristic to date.
The pair remained well within a defined range overnight, prompting analysts to speculate that, as a short – term expectation, an up or down break should occur immediately.
“Bitcoin: strong consolidation at $ 20,000, this cannot last forever, the triangle is ready to break up or down. But we still notice a bullish divergence on the RSI ”, yes declared Venturefounder, analyst platform contributor on a chain CryptoQuant, to its Twitter followers on July 6th.
“It is even higher that BTC is over $ 21,700; A break below $ 18,800 low is lower, the next move probably defines a direction. »
Bullish signals on bitcoin’s Relative Strength Index (RSI), similar to those discussed by Venturefounder, often precede bitcoin price prepayment, making the current RSI chart a key reference point on low time frames.
Confirming the likelihood of a return to volatility, the Bollinger Bands remained on the narrow daily chart – a classic precedent of an emerging trend.
As for the direction this trend could take, all the bets took place throughout the day, with a care that summed up the prevailing attitude among traders.
“It’s not yet certain about this type of price action,” he said said Ninja cryptocurrency trader.
“There is a distribution of about $ 20,600, and any pump should be cleaned … the storm is not over. »
There is also a ninja Note that short-term interest on the Bybit exchange increased during the day; he then advocated a non-mediated approach until those positions were resolved.
Calm CPI before the storm
In the macro markets, the US opened with modest gains, while the S&P 500 and Nasdaq Composite Index increased by 1% and 1.3%, respectively, in the first 30 minutes.
Read also: Bitcoin judges may have to wait until 2024 for BTC price to see another ‘Spike’
A week before the release of the consumer price index (CPI) for May, the markets were not disturbed by inflation signals, which prevented further ones from impacting the performance of cryptocurrencies.
With views still divided on how US economic policy will develop through 2023, Crypto trader Tony acknowledged that it may take longer than many realize a real return for bitcoins and altcoins.
“Personally on my worst case update, I do not think we will see the start of the next pulse until the end of next year and a new bull peak until 2024 – 2025,” he said. tweeted this day.
“I’ve already positioned at 22-24,000 and will adjust if we drop to 17-15,000.”
Earlier, meanwhile, Cointelegraph reported on a trader theory that bitcoin will confirm the level of the latest macro low by July 15th.
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