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.
Below is the video update for today. You can sign up for our new YouTube channel if you want to watch these directly from YouTube!
Bitcoin technical analysis video update 07 July 2021:
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…
And next, the 4-hour chart…
And lastly, the 1-hour chart…
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.