Will Bitcoin Price Finally Break its 5-Month Winning Streak in July?
- Once the current range breaks, there would be violence
- Short term bearish trend intact, $8k or $7k is the question
On July 10th, we took a drop from around $13,900 and on July 17th, we went down below $9,100. Though we managed to go above $11,000 momentarily on July 20th, we couldn’t keep above $9,500.
Currently, we are trading at $9,556 with 24 hours gains of 0.44 percent while managing the daily trading volume of $685 million.
As we reported, experts are turning bullish in the near time but ultimately the short term trend is bearish.
Once the Current Range Breaks, There Would be Violence
After registering green candles for five months consecutively, Bitcoin is looking to end the month at a red note. The flagship cryptocurrency has less than two days to turn this red candle in green that would take a jump of about $1,450 as we started July at approximately $11,000 level.
Analyst DonAlt is bullish on BTC price due to the
“weekly being at support as long as the monthly closes above resistance.”
However, if it does, he says, there’s only “free air above us,” but if BTC doesn’t, $7,700 is in play.
“The current range won't hold for much longer. Once it breaks, I expect violence,”
says DonAlt but it’s not the bloodbath he is expecting rather a green euphoria.
Crypto trader and investor Josh Rager, takes a look at the CME bitcoin futures chart that he says is an important one to watch. Currently, he is neutral if BTC price moves sideways but leans toward bullish on the close above $10,635 on CME.
Short Term Bearish Trend Intact, $8k or $7k is the Question
Similar bullish sentiments are shared by other analysts and traders like Jonny Moe who sees an initial break up out of the falling wedge that will create a larger descending triangle.
However, according to Moe, soon after the breakout upward, Bitcoin would continue the recent downturn trend.
The same goes for the market analyst and trader Benjamin Blunts who see a spike above $11,000 as he says,
“Bitcoin volatility dwindling down to range lows again while btc sits at daily support. I smell a scam pump brewing.”
But his short term level is intact below $8,250.
However, Moe sees the decline going as low as $7,400
According to TraderXo, the $9,200 is the “chop area” and breaking the $9k level would confirm that this is all distribution as the price enters into a key support level.