Bitcoin Technical Analysis (21 July)
Hello Everyone!!!!!!!!!!!!
Bitcoin Had a hard sell off in recent days when price went below 6k, all the social media based Crypto experts starts saying that we going to test #3K, but its just matter of time, we bounced from 5700 and again jumped above 6K in very short time. At the time of writting bitcoin price is $7450, there was long consolidation before this pump. We were recently rises to $7700 but got rejected and dropped below 7500. Once again consolidation going on at 7400 level.
bullish flag pattern could be seen as good sign, which follows a strong rally and could be seen as a continuation bull signal. A Break of 7700-7800 level could be enough to confirm that the bullish run is resuming. Bitcoin price appears to be consolidating inside a bullish flag pattern, which could be indicative of another run higher.
RSI is treading sideways on middle ground to reflect ongoing consolidation, barely providing any clues on which direction bitcoin price might break out. Stochastic, however, is pointing down to show that sellers have the upper hand and could push for a dip.
Conclusion: As traders have been rushing in to join the recent rallies for fear of being left out. This is because institutional interest increasing like funds from blackrock And a Confident hope of ETF Approval From SEC. So we believe a big rally coming AHEAD\\\........
#DYOR
Regards; cryptoadvisers
Bitcoin Had a hard sell off in recent days when price went below 6k, all the social media based Crypto experts starts saying that we going to test #3K, but its just matter of time, we bounced from 5700 and again jumped above 6K in very short time. At the time of writting bitcoin price is $7450, there was long consolidation before this pump. We were recently rises to $7700 but got rejected and dropped below 7500. Once again consolidation going on at 7400 level.
bullish flag pattern could be seen as good sign, which follows a strong rally and could be seen as a continuation bull signal. A Break of 7700-7800 level could be enough to confirm that the bullish run is resuming. Bitcoin price appears to be consolidating inside a bullish flag pattern, which could be indicative of another run higher.
RSI is treading sideways on middle ground to reflect ongoing consolidation, barely providing any clues on which direction bitcoin price might break out. Stochastic, however, is pointing down to show that sellers have the upper hand and could push for a dip.
Conclusion: As traders have been rushing in to join the recent rallies for fear of being left out. This is because institutional interest increasing like funds from blackrock And a Confident hope of ETF Approval From SEC. So we believe a big rally coming AHEAD\\\........
#DYOR
Regards; cryptoadvisers
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