Bitcoin/Dollar Price in Range for 64 days!

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Last updated on: July 02, 2020

Welcome to our first Maret Update, we will be doing this once or twice a week for Bitcoin and other major altcoins. The idea of CryptoAims updates come form Creed and Donalt. Big shoutout to them! 

 

Bitcoin/Dollar  Monthly timeframe

https://www.tradingview.com/x/NjZpQhaJ/

 

Resistance levels

$13860 – Highest monthly close that preceded Bitcoin`s first significant sell-off, acted as resistance and formed the top of the 2019 rally

$10761 – Highest monthly close that preceded Bitcoins`s last significant sell-off

$9243 – First monthly lower high that formed the weekly range low

 

Current Price – $9210 

 

Support Levels

$7162 to $7555 – Cluster

$6380 – Range low

$4340 to $4740 – Cluster

 

 

Bitcoin/Dollar  Weekly timeframe

https://www.tradingview.com/x/JjPu138u/

 

Resistance levels

$11518 – Multi-touch support/resistance flip level

$10540 – Hight time frame double top 

$9766 – Multi-touch support/resistance flip level

Current Price – $9210

 

Support Levels 

$6816 – Multi-touch support/resistance flip level

$6150 – Range low

$4150 to $5300 – Cluster

 

Bitcoin/Dollar  Daily timeframe

https://www.tradingview.com/x/X9oBvBVd/

Resistance levels

$10540 – Hight time frame double top 

$10025 – Top of the current range / Multi-touch support/resistance flip level 

$9300 – Range Midpoint

Current Price – $9210 

 

Support Levels 

$8590– Range Low

$7860 – Oct – Nov 2019 Range low

$6910 – Late 2019 range low

 

Summary of Bitcoin/Dollar

 

The daily range (yellow lines) is clear. Price is ranging between $8600, $9300 and $100000. Range breakout is likely to be very volatile in either direction ( upside $10700, downside $8000).  Price has spent a lot of time at resistance ($10000) and the range midpoint($9300). Support at range low has remained untested recently.

As support at $9300 has been lost, this level is expected to act as a resistance on a retest. A successful bearish retest would likely take the price from $9300 to $8600.
A compelling reclaim of $9300 would indicate strength. Should this occur and lead to a rally, our view us that $10000 is less likely to act as resistance, because it was tested many times, and the price is more likely to short squeeze and rally aggressively trough that level.

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