Bitcoin Technical Analysis 07 July 2021
Bitcoin is winding up within a tight range and is showing continued strength from the bulls. So long as bitcoin holds about $33,000, I remain bullish for a move towards the top of the range at around $40,000 to $42,000. We can reassess the charts if bitcoin gets there.
On the flip side, if bitcoin does close a 4-hour candle (or 1-hour for more aggressive traders) below $33,000, a larger downside move is possible towards the $31,500 to $29,000 area. At that point, the bulls would have a lot of work to do in order to hold that longer-term support.
Bitcoin charts:
If you would like to see the bitcoin charts with comments from today’s video, you can view them here:
Starting with the bitcoin 1-day chart…
Bitcoin 1-day chart. Taken at 12.12 PM London time.
And next, the 4-hour chart…
Bitcoin 4-hour chart. Taken at 12.13 PM London time.
And lastly, the 1-hour chart…
Bitcoin 1-hour chart. Taken at 12.12 PM London time.
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Disclaimer: This is not investment advice, it is just my opinion on the bitcoin chart right now. I can and will be wrong because markets are not predictable. My opinion can and will change depending on what the chart does next.
