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BTC looks to be inside a descending wedge (blue) which is generally bullish as the price consolidates into smaller and smaller price swings.
There seem to be two support lines:
1) a longer-term line (purple) which served as major resistance going up (at least 4 times over the past few weeks), but which has recently become support at least twice (June 22 and again today), and
2) a shorter-term line (yellow) which has held for about 5 days now.
All of these lines seems to show $10,500 as a major area of support, which was tested today and held. There isn't much room left inside the current wedge , and since we're at those support levels, BTC seems ready for an upward retracement back to $14,000 soon. Let's hope!
There seem to be two support lines:
1) a longer-term line (purple) which served as major resistance going up (at least 4 times over the past few weeks), but which has recently become support at least twice (June 22 and again today), and
2) a shorter-term line (yellow) which has held for about 5 days now.
All of these lines seems to show $10,500 as a major area of support, which was tested today and held. There isn't much room left inside the current wedge , and since we're at those support levels, BTC seems ready for an upward retracement back to $14,000 soon. Let's hope!
