Technical Analysis – BTCUSD sustains monthly neutral status
July 20, 2023 10:25 am
BTCUSD (Bitcoin) has been range bound between 31,450 and 29,550 for a month now. This is a familiar range territory, which the popular crypto used to visit occasionally during the previous two years.
The Stochastic oscillator is looking to pivot northwards in the oversold region, flagging a potential upside reversal. That said, the RSI and MACD are sustaining a negative trajectory, keeping optimism for an upside correction low after the price dropped below the 20-day SMA.
The bulls will need to lift the price back above the 20-day SMA at 30,316 to gain access to the 31,450 ceiling. Should they successfully re-activate the 2023 uptrend above the range, they could form a new higher high within the 32,750-33,000 former constraining zone. The 34,000 psychological mark could be the next destination.
If the price breaks its sideways move below 29,550, support could develop somewhere between the 50-day SMA at 28,819 and the 28,830 barrier. Failure to rebound there would shift the attention straight to the ascending trendline at 26,660, which has been navigating the market higher since the end of 2022. Slightly lower, the 200-day SMA could be another important spot, as a violation at this point would enhance concerns of a down-trending market.
All in all, BTCUSD is maintaining a neutral status in the short-term picture. A bounce above 31,450 or a drop below 29,550 could provide the next direction in the market.
BTCUSD (Bitcoin) has been range bound between 31,450 and 29,550 for a month now. This is a familiar range territory, which the popular crypto used to visit occasionally during the previous two years.
The Stochastic oscillator is looking to pivot northwards in the oversold region, flagging a potential upside reversal. That said, the RSI and MACD are sustaining a negative trajectory, keeping optimism for an upside correction low after the price dropped below the 20-day SMA.
The bulls will need to lift the price back above the 20-day SMA at 30,316 to gain access to the 31,450 ceiling. Should they successfully re-activate the 2023 uptrend above the range, they could form a new higher high within the 32,750-33,000 former constraining zone. The 34,000 psychological mark could be the next destination.
If the price breaks its sideways move below 29,550, support could develop somewhere between the 50-day SMA at 28,819 and the 28,830 barrier. Failure to rebound there would shift the attention straight to the ascending trendline at 26,660, which has been navigating the market higher since the end of 2022. Slightly lower, the 200-day SMA could be another important spot, as a violation at this point would enhance concerns of a down-trending market.
All in all, BTCUSD is maintaining a neutral status in the short-term picture. A bounce above 31,450 or a drop below 29,550 could provide the next direction in the market.
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