Bitcoin traders hope to ‘buy the dip’ as BTC price heads toward $30K
Popular trader Crypto Ed had his eye on the area at $30,000 or just below on the day.” Were heading there, will search for reaction from that level,” he composed in part of Twitter commentary.BTC/ USD annotated chart. Source: Crypto Ed/TwitterFellow trader Jelle on the other hand searched for an opportunity to “purchase the dip” nearer $28,000– already a popular target for doing so.” As Bitcoins everyday bearish divergence plays out, I see a prospective concealed bullish divergence forming up,” he exposed along with an explanatory chart.” If this ends up as simply a shallow pullback, that could simply provide the juice we need to break through $32,000 as soon as and for all.” The chart revealed 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 sign of panic in spite of the absence of upside momentum.Related: Bitcoin analysis agrees BTC price might stall at $35KTrader and analyst Rekt Capital, following a strong monthly close, called intraday performance “nothing to panic about.” Nothing to stress about #BTC could dip even deeper for a healthy technical retest to turn old resistance (black) into new assistance$ BTC #Crypto #Bitcoin https://t.co/5CedrWHYNp pic.twitter.com/YvvexHSaBr— Rekt Capital (@rektcapital) July 5, 2023
Bitcoin (BTC) headed lower into the July 5 Wall Street open as a risk-off mood entered 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 offer the fuel bulls needed.Reached for #Bitcoin.” As Bitcoins day-to-day bearish divergence plays out, I see a prospective concealed bullish divergence shaping up,” he revealed alongside an explanatory chart.” The chart revealed Bitcoins relative strength index (RSI) printing the bearish divergence referred to.BTC/ USD annotated chart with RSI.
Bitcoin (BTC) headed lower into the July 5 Wall Street open as a risk-off mood went into United States equities.BTC/ USD 1-day chart. Source: TradingViewBTC cost starts striking dip-buying targetsData from Cointelegraph Markets Pro and TradingView showed BTC/USD tapping multi-day lows of $30,280 on Bitstamp.BTC cost action continued a sideways trading pattern within a bigger variety in location almost given that mid-June. Without any discernible development toward breaking topside resistance, Bitcoin traders hoped that a sweep of the lows would offer the fuel bulls needed.Reached for #Bitcoin. pic.twitter.com/ePhBZET0TW— Michaël van de Poppe (@CryptoMichNL) July 5, 2023
“BTC/USD annotated chart. Source: Crypto Tony/TwitterDaan Crypto Trades likewise repeated that the bullish status quo was still valid. Till then, liquidity sits at 31.4-31.5 K.”BTC/USD annotated chart.