Bitcoin bulls battle to reclaim $30K amid BTC price RSI ‘reset’
Bitcoin (BTC) targeted new month-to-date lows at the July 18 Wall Street open as bulls declined to provide up on $30,000 support.BTC/ USD 1-hour chart.” After upside wicking beyond the ~$ 30600 resistance, BTC has lastly been rejected to the point of losing the Higher Low,” trader and analyst Rekt Capital commented about the 1-week chart. “Weekly Close below the Higher Low will validate this loss and as long as this HL acts as resistance … ~$ 29300 might be next.
Bitcoin (BTC) targeted new month-to-date lows at the July 18 Wall Street open as bulls refused to offer up on $30,000 support.BTC/ USD 1-hour chart.” After upside wicking beyond the ~$ 30600 resistance, BTC has actually finally been turned down to the point of losing the Higher Low,” trader and analyst Rekt Capital commented about the 1-week chart. “Weekly Close below the Higher Low will confirm this loss and as long as this HL acts as resistance … ~$ 29300 might be next. Discover some bid here at support, and we can go for another test of the significant resistance level,” popular trader Jelle added in part of the days social media analysis.BTC/ USD annotated chart.
$ BTCLooking for something like this on Bitcoin. Hope everybody has a good start to their week. pic.twitter.com/ETdnUoxTnt— TraderKoz (@TraderKoz) July 18, 2023
“While Bitcoin consolidates listed below resistance, the RSI is almost completely reset. Find some quote here at support, and we can opt for another test of the significant resistance level,” popular trader Jelle added in part of the days social media analysis.BTC/ USD annotated chart. Source: Jelle/TwitterThe RSI “reset” took the daily metric to levels last seen in mid-June, when BTC/USD still traded at around $26,000. Bitcoin range lows in line for a “sweep”Continuing on the RSI theme, Scott Melker, the popular trader and podcast host called “The Wolf of All Streets,” saw $28,600 as a likely comedown target. Related: Bitcoin price is stuck at $30K– Here are 3 reasons that”The daily chart showed an enormous overbought bearish divergence, my preferred top signal,” he stated in part of a Twitter thread on July 17.”This developed for multiple divergences and has not been revoked. Generally this pressed RSI back to oversold. Half method there so far.”Melker added that “at the really least” a rematch with Bitcoins variety lows must happen, but was uncertain regarding whether this would be sufficient for a local floor.”My bias is still for a test of $28,600 as assistance, which was the low of the entire bull run of 2021, essentially. My last buy was a comparable test of $25,212, which took persistence,” he concluded.BTC/ USD annotated chart. Source: Scott Melker/TwitterMagazine: Should you orange pill children? The case for Bitcoin kids booksThis post does not include financial investment advice or recommendations. Every financial investment and trading relocation includes danger, and readers must perform their own research when making a decision.