After beginning of the week Under the sign of bulls with masterful price increases, Bitcoin (BTC) continues its race to new highs. This Wednesday, July 28, 2021, the virtual currency continues its slow breakout of resistance, hitting $ 40,900 at Binance’s daily high, marking a new high in July.
Bitcoin (BTC) looking for a loophole
We are here ! New record for 2021 per bitcoin (BTC) with 8 consecutive bullish candles. A daily bullish level that we haven’t seen since December 2020. Another element that clearly shows strong customer return to the game.
The most famous cryptocurrency still ranges from $ 30,000 to $ 41,300., an area in which it has been blocked since the end of May.
After another storm from the top of the range, also coinciding with the 100-day moving average, Bitcoin (BTC) manages to briefly hit $ 40,900 on Binance before ending the day at $ 40,019.
A breakthrough of this stubborn line of resistance would undoubtedly be strong signal for a full recovery and enough buying pressure for a quick return to $ 50,000.
An upcoming fix?
But not all is decided yet, in fact, some elements seem to indicate a correction in the coming days.
Firstly, it is a daily candle, which, with such a close, can send the first signs of a new trend reversal. in favor of bears…
Then of course it is bearish divergence in the daytime, which is evident in the RSI chart between the May top and June and the current July top. This formation will mean a good correction, at least in the short term.
Such a correction could bring us back to the support range around $ 30,000.
There is no doubt that the date of July 29 is likely to be decisive in determining the direction of Bitcoin (BTC), but also for the entire market that follows cryptocurrency.
This day is crowned with a sign of indecision with Bitcoin (BTC) at the crossroads. Between a new monthly high and persistent resistance, the virtual currency is still looking for its ultimate direction, despite the prevailing strong bullish momentum. The bulls are timidly trying to make a new breakout against sellers who have not said their last word, the latter fiercely holding on to strategic positions that will give buyers a significant advantage in the event of a sharp rise in prices. In the next few hours, we should very quickly see signals that will confirm which side has regained control of the market.
I have been a firm believer in the cryptosphere since 2017 and am fully involved in the modern revolution represented by this new industry.
As an editor, I enjoy playing a different role, educational and informative, in order to democratize and popularize this universe.
DENIAL OF RESPONSIBILITY
The comments and opinions expressed in this article are those of the author only and should not be construed as investment advice. Do your own research before making any investment decisions.