Bitcoin (Bitcoin) A key support area was reserved on July 2 because bidders stepped in to avoid testing the $30,000 again.
Bitcoin: “Down to the Ground” and “Big Nuclear Bomb”
Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD bottomed at a local low of 32,700 US dollars overnight.
The subsequent rebound sent the currency pair up by nearly $1,000 before closing at around $33,300 at the time of writing.
As Cointelegraph Report On Thursday, this was above the $700 area, and at least one source of trade believes that this area is very important for the bulls to remain intact.
Entering the weekend, the mood is therefore not as gloomy as before, which is alleviated by the expectation that “legs falling” may-or even should-still happen.
The popular trader Crypto Ed looks at the potential journey of a partial bottom of the Bitcoin Relative Strength Index (RSI), which in turn will cause the oversold price to fall and then make corrections.
“When following the RSI pattern/trend and the wave pattern, BTC can fall by one more leg,” he said Considered.
“I don’t expect a big nuclear weapon… the’big nuclear weapon’ is like moving to 20k or lower.”
Since falling back from the historical high of $64,500, Bitcoin has fallen to a maximum of $28,600, and the low is lower. So far, it has not challenged the 2017 high of $20,000.
Despite this, the price trend is still range-bound, and analyst Rekt Capital sees a solid downward trend, but it still contains a clear breakthrough level.
“BTC is still maintaining this structure, and the blue diagonal line will still be the trend line to observe the breakthrough when the time is right,” he said. Annotation On the attached chart.
Altcoins are on a downward trend
Altcoins from A priori strength, The loss largely exceeded Bitcoin’s slight decline, reaching 5% or more.
Ether (Ethereum) Is the altcoin with the largest market value, trading at US$2,060 on the day, down 3%-this story matches various other major cryptocurrencies.
Ethereum Classic (and many more) Falling off Propaganda push up Starting earlier this week, and Elon Musk’s propaganda is the same Failed to deliver Dogecoin’s continuous income (dog), down 4% at the time of writing.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.
