BTC price line started moving within a sideway range on 7th of June 2022, after finishing a dramatic bearish phase. Since then the price line has been bouncing between a resistance level at 25000 and 18000. The descending slope of the chart is reducing over time and the bulls seem to be gaining more power. The price line is showing 19347, which would be just above the resistance level at 18000. RSI has issued positive divergence signal and MACD is also showing buy signal. Traders can be waiting for any bullish trigger on shorter time frames; and then they can enter long positions heading to 24000 to 28000. It should also be taken into consideration that in case the price line breaks below 18000, the chance of a bullish phase to occur would highly reduce.
• There is resistance 21890 followed by resistance at 22655 and 24225
• There is support at 18630, Below, there is 17678 and 16034
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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