15.07.202223:24 Forex Analysis & Reviews: Bitcoin approaching upper range boundary.

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Green lines- trading range

Bitcoin is bouncing higher after making a low around $19,000. Price continues to trade inside the trading range its been for the last few weeks. As we said in a previous post, Bitcoin price formation is similar to the sideways action of May. Recent low at $18,900 is key short-term support. Failure to stay above this level will most probably lead price towards the lower range boundary at $17,635. A break below this boundary, will most probably push price to new lows for 2022. Resistance at $21,850 remains intact. So far we had two rejections. Bulls need to break above this level in order to change short-term trend.

Alexandros Yfantis
Analytical expert of InstaForex
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