BTC Pursues $33.6K before Retracing More

ByAbo Acevedo Macías

Jul 17, 2021

Briefly –

  • BTC has its price locked in a decreasing triangle formation, showing a bearish attitude.
  • The prominent digital coin might experience a trend reversal to the $33,600 mark.
  • A technical indicator signals buyers’ activities, confirming the recovery notion.

Bitcoin shows signs of retreating from its downtrend mode as its looks to reverse its underperformance sessions. However, the probability of extended rallies is minimal as the existing price chart patterns might suppress the bullish attitude.

BTC Expects a Near-Term Reversal

Bitcoin, the largest cryptocurrency by market dominance, has had lower lows and lower highs since 29 June. According to its daily price chart, Bitcoin looks to trade in an inclining triangle pattern regardless of the bullish outlook on 14 June, which retreated within no time by 18 June.

Meanwhile, BTC’s price might expect a near-term reversal regardless of the prevailing bearish price chart pattern. Yesterday, the MRI (Momentum Reversal Indicator) indicated a buy outlook as it records another monthly low of around $31K.

The bitcoin price needs to claim a close over the 27.2% Fib extension at $32,191 to confirm the expected bullish attitude. That way, the asset might tag the 38.2% Fib extension level, overlapping with the 20-d SMA at $33,574.

Increased buying pressure might have BTC price slicing over the inclining triangle formation. The leading currency would target the Fib extension level at 50%, conforming to $35K and the 50-d SMA.

If you are planning to venture into Bitcoin, keep in mind that its price chart depicts bearishness. Market analysts speculate Bitcoin to retest crucial support levels before registering bullish movements.

The currency might find support at the lower border of the inclining triangle formation around $30,159. Magnified bearishness might see Bitcoin’s price dipping to retest $28,782, June lows.

If Bitcoin fails to sustain the support zone mentioned earlier, the chart pattern will depict an increased bearish outlook. Such price moves might push the coin to $21,542, a 28% drop.

For now, BTC would require the correct market catalysts to register substantial moves. Keep in mind that the crypto market has not had significant events to trigger price changes.

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