Bitcoin is trading at around a 4% fall in price with over a 9% increase in the volume at $ 27.8 billion. If the asset is able to break out of its overhead resistance then it might just pull ETH, and BCH AXS to continue their uprising trend more strongly. Many analysts expect a weekly close above the 200-week moving average to attract more buying, but a break below it could signal that the bears are back in the game. Although the near-term outlook appears uncertain, analysts are suggesting that Bitcoin has been in an accumulation zone since May.
BTC’s dominance is around 42.8% and its trading with over a 7% increase over the week.
At the time of writing, BTC was trading at $21,800.
BITCOIN after making the low of $17,567 started consolidating and was trading in a broad range from $18,000 to $23,000. The asset finally gave a breakout above the range and made the weekly high of $24,287. However, the prices failed to sustain and give a close above $23,500. On a daily time frame, we can see that all the three bottoms have formed a ‘Higher Lows and Higher Highs’ indicating a reversal. Currently, BTC is trying to take support at its 20-Day Moving Average and is making a small bullish flag. If it holds and sustains above the support then we expect the prices to surge further up to $28,500 whereas $17,500 will act as strong support, a break below that would negate the analysis.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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