Bitcoin Update (July 5)
Current Bitcoin price: $56,471.2
Key observations:
The chart shows a downtrend from around $66,000 to the current price of $56,471.2. The chart shows that the price tested support around $53,329.5 and bounced up. Moving averages: MA(25) and MA(99) indicate the current direction of the trend. MA(25) (short-term moving average) is below MA(99) (long-term moving average), which confirms the bearish trend. Trading volumes: Trading volume remains high, indicating significant activity of traders in the current price range.
Over the past 24 hours, trading volume totaled 570,037.959 BTC, indicating strong interest in the asset. Support and Resistance Levels: Support: Major support is around $53,329.5, as evidenced by the recent bounce from this level. Resistance: Nearest resistance is around $58,800, with its breakout will be critical for changing the trend.
Trading sessions:
Asian session: 2:00 - 11:00 (Moscow time) New York session: 16:00 - 1:00 (Moscow time)
Bearish scenario:
If the price fails to hold above the $56,000 level, it is likely to continue falling to the support level of $53,329.5. A break of this level could lead to further decline in the price. Bullish Scenario: If the price is able to break through the resistance at $58,800 and consolidate above, it could indicate the start of a bullish trend with a possible rise to $60,000 and above.
Current analysis:
Right now we are retesting the downtrend, expecting to see a reversal to the upside where we will test the breakout zone. We will then see if we can hold from below and continue downwards where we will gather more liquidity to around $52,000, or if this will be considered a false breakout after which the price will immediately move higher.
Recommendations:
For long-term investors: Consider holding positions if the price holds above the $56,000 support level. For short-term traders: Monitor support and resistance levels to determine possible entry and exit points. Expect increased volatility in the coming days.
Conclusion:
Stay tuned, we will keep you updated! This is a battle, a strong battle, and we are determined to win.
Crypto Warriors