07.07.202215:33 Forex Analysis & Reviews: Bitcoin continues to trade inside the short-term trading range.

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Green lines- trading range

No meaningful price action so far by Bitcoin as price continues to mostly move sideways as we mentioned in our last analysis. Bitcoin is trading around $20,000 in what it seems to be a pause for the downtrend. Medium-term trend remains bearish as price has not stopped forming lower lows and lower highs after the all time high of $69k. Around $21,650 we find the upper boundary of the trading range which is key resistance. In order for bulls to hope for a move towards $27k-$30k we need first to break above $21,650. On the opposite side, support is key at $18,600-$18,700. Failure to hold above this level will lead Bitcoin at least towards $17k if not lower. Until we see a breakout, we remain short-term neutral.

Alexandros Yfantis
Analytical expert of InstaForex
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