BTCUSD is actually hitting a major support level which have been acting as a major area where bulls and bears usually battle for autority. The overall trend is bearish and it will not be suprising to see the bears win. Nevertheless, cryptocurrencies have been gaining momentum this new month. Last week, the market experienced both a solid increase in trade volume as well as two strong days for value increase. In response, investors have headed into the month of July with a greater degree of optimism about the crypto space than they have had in a long time.
In short term, the asset is ranging. A bullish trend might be confirmed if price breaks the range and closes above the 200 SMA. Aggressive traders may short if price closes just below the 100 SMA as globally we are in a bearish market (follow the trend).
In short term, the asset is ranging. A bullish trend might be confirmed if price breaks the range and closes above the 200 SMA. Aggressive traders may short if price closes just below the 100 SMA as globally we are in a bearish market (follow the trend).