Bitcoin (BTC) resumes range trading after rejection

Bitcoin (BTC) price was declined on July 7th but is still trading within its previous range.

The short-term measured value and the wave number provide mixed measured values, which leads to an indefinite trend.

BTC trading range

BTC made another attempt to move up on July 8, but created another long top wick. It has fallen slightly since then, hitting a low of $ 32,530 so far.

It has been trading relatively close to this level since June 21st.

Technical indicators are undecided. The RSI is at the 50 line and the stochastic oscillator is undecided whether to make a bullish or a bearish cross. The MACD has also lost its strength but is still positive.

BTC is still trading in the same range between $ 31,300 and $ 40,550. The latter target is the 0.382 fib retracement resistance level.

TradingView’s BTC chart

The shorter-term two-hour chart shows that BTC is trading at the marginal support level of $ 32,725. This is the 0.5 fib retracement support level for the most recent part of the bullish move. In addition, it is a horizontal support area.

Similar to the daily timeframe, technical indicators give a mixed result. The MACD is at the 0 line while the RSI is hovering above and below 50.

If a breakdown occurs, the next support would be found at $ 30,500. This is the 0.786 fib retracement support level and a horizontal support area.

TradingView’s BTC chart

Wavenumber

The wavenumber is currently unclear. The bearish count suggests that BTC is in a large 1-2 / 1-2 formation, which could eventually lead to lows near $ 19,000.

TradingView’s BTC chart

The bullish count suggests that BTC is trading as part of a complex correction structure within a symmetrical triangle. This could lead to a re-test of the range high.

Since both counts are technically valid and the measured values ​​of the technical indicators are mixed, the current wave count is somewhat ambiguous.

TradingView’s BTC chart

Click here to view BeInCrypto’s latest Bitcoin Analysis (BTC).

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