Technical analysis on Bitcoin for July 31st, 2023.
July 31, 2023 8:24 pm
Red line- support trend line
Bitcoin is trading around $29,220. Price is still in a short-term down trend approaching the important red upward sloping support trend line. On a weekly basis price continues making higher highs and higher lows. Bulls remain in control but as long as price is above the red trend line. Support is at $27,850 and as long as price is above it, bulls have hopes for another leg higher towards $31,000 and above. The RSI is far from overbought conditions but the latest high in price was not followed by a higher high in the RSI. This bearish divergence is not a reversal signal, but only a warning.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- support trend line
Bitcoin is trading around $29,220. Price is still in a short-term down trend approaching the important red upward sloping support trend line. On a weekly basis price continues making higher highs and higher lows. Bulls remain in control but as long as price is above the red trend line. Support is at $27,850 and as long as price is above it, bulls have hopes for another leg higher towards $31,000 and above. The RSI is far from overbought conditions but the latest high in price was not followed by a higher high in the RSI. This bearish divergence is not a reversal signal, but only a warning.
The material has been provided by InstaForex Company – www.instaforex.com
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