It’s time for my weekly look at the Bitcoin (BTC) price action for the week and try to make some sense of it all, and maybe make a prediction or two. It’s been an interesting week so far, so we’ll see how accurate I can be. I also do a weekly video on Saturday’s over on my YouTube channel, where you can get my end of week overview of a few of the larger cryptos.
For the usual disclosure, I am not a financial advisor, I don’t even work in finance at all. My day job is as a telecommunications software engineer. Treat everything you read here as some educational resources and not financial advice.
Weekly Chart Analysis
Looking at the weekly chart, we are having another down week again. but with quite a significantly low trading volume doing a lot of the price movements. I know a lot more trading happens in the later half the week than the first, but that is still a pretty small bar there.
We’ve started pushing down below the 50 week moving average for the first time, which is not generally a good sign, so we could be seeing a little bit of pain come from that as the market might react to that sort of an occurrence. We are still trending in between what I have marked as my strong lines of resistance and support.
Daily Chart Analysis
Taking a look at the daily chart, we can see the same downward week. The first few days happened to follow my random line there, but that is more a range marker that an exact line, so I take no credit for that, plus it managed to hold off falling to the valley for a bit.
We say price action around my soft support line at $33,000 as I expect we would see, but it did not hold and we are current hanging out well below it at about $32,800. Today actually show us the lowest point we have hit this week, dropping as low as $31,550 before getting pushed back up to where we are.
The moving averages are all still lined up for a downward trend, so we still have a fair bit of work ahead, but the volatility levels do seem to be drying up a little bit, and things are getting a little more stable.
I’m still expecting the price to find pretty good support if it manages to get as low as $30,000, and I am still not expecting to see it drop much below that, and if it does, I would expect to see it snap back up above fairly quickly. I’m still pegging the upper resistance line at $36,500, and calling that the current price to beat. Once we can take and maintain that level, we can start targeting the low $40k’s again.
Hourly Chart Analysis
Looking at the hourly charts, we can see that there have not been many significant moves lately. Only a few candles are any real significant length, and only a couple of the volume bars are sticking out above there rest. For the most part the price is just moving along in one direction or the other, with no real major jumps.
I’m taking that again as a sign that the volatility is starting to slow down in the market, and that we are in more of a period of consolidation, which will hopefully end with a return to the bull run and the prices getting pushed back in the direction we all want them to go.
Bitcoin Dominance
Bitcoin Dominance pushed itself up this week, gaining about 5% from where it was on the 8th of July. We are still below 50%, but the alts are definitely starting to feel a little squeezed from where they were back at the end of May when we dipped down all the way to 40% and even a little below.
The dominance factor does seems to be consolidating as well, it has seen about stagnant movements overall since 21 Jun, and hopefully it can stay around this range until the market starts going again and we can see this start going back down and the alts getting a bit more of the market going their way.
My Prediction
I’m still expecting to see a lot of this sideways price action, sticking between my hard support line at $30,000 and the hard resistance line at $36,500. I am not expecting to see much action outside of that box until the end of the month, maybe even into early August, when we’ll see the price finally take and secure the $36,500 line and start the movement back upwards.
This is basically the same as I have been predicting for a few weeks now, so not a lot of new developments, it just seems to be playing out like I had expected, so let’s see if it continues to bounce around in there, or if we see some actual price action through the rest of the week or next.
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I also post a weekly price update video every Saturday over on my YouTube channel, where I will be discussing the weekly price action for some of the major cryptos. You can also sign up for my newsletter which I send out every Friday with news and whatnot from the crypto space, delivered right to your inbox!
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Want some more content right now? Check out some of my previous posts:
Binance Smart Chain (BSC)
Thorchain
Impermanent Loss
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Originally Posted On My Website: https://ninjawingnut.xyz/2021/07/14/weekly-btc-4/
