Bitcoin trapped within the flat trend

Bitcoin trapped within the flat trend


Last June 26th, Bitcoin peaked up to 13,800 US dollars. Let’s remember that the digital gold did an impressive job rising over 230% in the last 3 months vs USD.

After 2 days, Bitcoin had a sharp decrease. Since June 28th, Bitcoin entered to the phase of flat trend, where the lowest support S1 is located around 9,900 USD and the highest resistance R1 is around 12,250 USD. Within the same flat trend, there is intermediate support S2 of 10,800 USD and intermediate resistance R2 of around 11,850 USD.

After strong bullish run that Bitcoin experienced in April, May and most of the June, Bitcoin is resting. This is the time, when the demand and supply usually have to balance in the market.

Bitcoin is likely posed to run another bull after it breaks 13,800 USD again but we cannot exclude the possibility of short bearish trend too, however the future bull run is more likely than the bearish trend, I would give only 20% of probability to the bearish trend but of course I am speculating.

After the strong moves a lot of cryptos or fiat currencies enter to this trend, during this phase there are a lot of chances that the altcoins can recover their previous levels. Some of them lowered their price vs Bitcoin, such as: Bitcoin Cash, BAT, SHE, ADA, Hydro and others.  Now if Bitcoin remains flat there are good chances that traders can turn their eyes to these cryptos and take advantage of their lower prices.

In my opinion it’s a good idea to have diversified crypto portfolio and observe these trends on the daily basis because in this markets things are changing very quickly.


cryptovato1
cryptovato1

Into crypto and cats.


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