- Monthly Bitcoin shows signs of continuation towards the touch of the resistance of $33305.52. But we could see a small pullback in the future.
- Weekly the main asset of the market threatens to break the resistance of 31852.41, the maximum line of the accumulation of the Ichimoku cloud.
By the time this report was being written, Bitcoin was over 50% of the total cryptocurrency market capitalization. In addition to this, the positive reaction of the previous weeks regarding the news of investment funds (ETFs).
The truth is that the past investment fund gave the price an impulse to try to break the resistance of $30,000.78. In any case, we see in shorter timeframes that Bitcoin is within an accumulation range between the prices of $28852.52 and the resistance of 31562.52.
Monthly Low Trend Line Break
Dimensionally, we see a continuation of the long-term bullish trend. Bitcoin began the month of July breaking a downward trend line, and according to Fibonacci lateral resistance parameters drawn.
By way of similarity, it will be necessary for Bitcoin to first break a wall (psychological resistance or action prince) located exactly at $3,598.52, and then try to close the month very close to the channel between $33,305.85 and $34,854.52.
But it is necessary to keep in mind that there is a strong liquidation point at exactly $39160.48, which resides as resistance or a break point where many want to make their profits. Wave 1 monthly continuing and growing.
Volatility remains at a price adjusted to $28129.56 in case of temporary correction, with average volumes between $50.99M and $75.85M, with a positive and continuous direction in a constant and non-exponential growth margin.
For now we are leaving the oversold zone with 55 points on the RSI, and with a positive lineament of the Fisher transform determined to show a continuation of the bullish trend. A small break in the current bounded region cannot be ruled out.
Exponential Shock Wave
At the time of reporting this article, Bitcoin exceeded $3,127.85 in its weekly trades, and is going to look for a break in the monthly low trend line.
In terms of resistance, we can see the price touching $31242.85, heading towards the 100-period weekly moving average with the exact price of $32539.52; with wave 5 projection that could touch $33141.85 and the maximum resistance of $34856.52.
In case of correction, traders are placing short medium-term positions at an average of $29,242.45, with an average volume of $14.663M. But a sentimental lateralization that does not lead to an objective direction is notable.
On a weekly basis we are reaching the overbought zone currently driven by the 65 point RSI and continued momentum in the direction of a medium term uptrend.
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