Technical analysis on Bitcoin for July 12th, 2023.
July 12, 2023 1:22 pm
Black line- resistance
Blue line- support trend line
Yellow rectangle- short-term support area
Bitcoin is trading around $30,700-$30,800. Price has made no real progress over the last three weeks. Price continues to trade just below the key horizontal resistance shown by the black line. Short-term support is found around $29,550. Failure to hold above the near term support of $29,550, will lead price to a decline towards the blue upward sloping support trend line. The RSI has provided bearish divergence warnings, increasing the chances of a pull back towards the blue trend line around $26,500. A break above $31,100 would be a sign of strength. Traders better be patient.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- resistance
Blue line- support trend line
Yellow rectangle- short-term support area
Bitcoin is trading around $30,700-$30,800. Price has made no real progress over the last three weeks. Price continues to trade just below the key horizontal resistance shown by the black line. Short-term support is found around $29,550. Failure to hold above the near term support of $29,550, will lead price to a decline towards the blue upward sloping support trend line. The RSI has provided bearish divergence warnings, increasing the chances of a pull back towards the blue trend line around $26,500. A break above $31,100 would be a sign of strength. Traders better be patient.
The material has been provided by InstaForex Company – www.instaforex.com
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