Bitcoin traders hope to ‘buy the dip’ as BTC price heads toward $30K
Bitcoin (BTC) headed lower into the July 5 Wall Street open as a risk-off state of mind went into United States equities.BTC/ USD 1-day chart. With no discernible progress towards breaking topside resistance, Bitcoin traders hoped that a sweep of the lows would supply the fuel bulls needed.Reached for #Bitcoin.
Bitcoin (BTC) headed lower into the July 5 Wall Street open as a risk-off state of mind entered United States equities.BTC/ USD 1-day chart. With no discernible development toward breaking topside resistance, Bitcoin traders hoped that a sweep of the lows would offer the fuel bulls needed.Reached for #Bitcoin.” As Bitcoins daily bearish divergence plays out, I see a prospective covert bullish divergence forming up,” he revealed together with an explanatory chart.” The chart showed Bitcoins relative strength index (RSI) printing the bearish divergence referred to.BTC/ USD annotated chart with RSI.
Popular trader Crypto Ed had his eye on the location at $30,000 or just below on the day.” Were heading there, will try to find response from that level,” he wrote in part of Twitter commentary.BTC/ USD annotated chart. Source: Crypto Ed/TwitterFellow trader Jelle, on the other hand, looked for a chance to “buy the dip” nearer $28,000– currently a popular target for doing so.” As Bitcoins daily bearish divergence plays out, I see a possible hidden bullish divergence forming up,” he revealed together with an explanatory chart.” If this ends up as simply a shallow pullback, that might just supply the juice we require to break through $32,000 when and for all.” The chart showed Bitcoins relative strength index (RSI) printing the bearish divergence referred to.BTC/ USD annotated chart with RSI. Source: Jelle/TwitterBitcoin “bullish market structure” remainsThere was little indication of panic regardless of the lack of upside momentum.Related: Bitcoin analysis concurs BTC price may stall at $35KTrader and analyst Rekt Capital, following a strong month-to-month close, called the intraday performance “absolutely nothing to worry about.” Nothing to stress about #BTC might dip even much deeper for a healthy technical retest to turn old resistance (black) into new support$ BTC #Crypto #Bitcoin https://t.co/5CedrWHYNp pic.twitter.com/YvvexHSaBr— Rekt Capital (@rektcapital) July 5, 2023
“Personally i am long while we are above $28,000 as we had a very excellent entry,” trader Crypto Tony continued. “If you are not yet in a position, i would await this dip i am looking for, or a flip of $31,000 resistance zone into support. Those are your 2 triggers for today.”BTC/USD annotated chart. Source: Crypto Tony/TwitterDaan Crypto Trades also repeated that the bullish status quo was still valid.”On the lower timeframes, the bullish market structure is still in tact,” part of his newest analysis read.”I would consider a 29.5 K retest if BTC were to lose the mid range. Till then, liquidity sits at 31.4-31.5 K.”BTC/USD annotated chart. Source: Daan Crypto Trades/TwitterMagazine: How wise people invest in dumb memecoins: 3-point strategy for successThis post does not contain financial investment recommendations or recommendations. Every investment and trading relocation involves threat, and readers ought to perform their own research study when deciding.