Bitcoin Technical Analysis July 8th

Bitcoin’s price (BTC) was declined on July 7th but is still trading within its long-term range.

The short-term indicator and the wavenumber provide mixed signals that lead to an indefinite trend.

BTC trading range

BTC made another attempt to move up on July 8, but created another long top wick. It has fallen slightly since then, hitting a low of $ 32,530.

The price has been trading relatively close to this level since June 21st.

Technical indicators are still open. The RSI is at the 50 line and the Stochastic oscillator will decide whether to make a bullish or a bearish cross. The MACD has also lost strength but remains above the positive zone.

BTC is still trading in a range between $ 31,300 and $ 40,550. The top of the range is the 0.382 fibonacci retracement resistance.

BTC / USDT daily chart | Source: TradingView

The shorter-term two-hour chart shows BTC trading at the small support of $ 32,725. This is the 0.5 fib retracement support from the most recent rally. In addition, it is also a horizontal support surface.

Similar to the daily timeframe, technical indicators provide mixed signals. The MACD is at the 0 line while the RSI is hovering above and below 50.

If a breakdown occurs, the next support is found at $ 30,500. This is the 0.786 fib retracement support and the horizontal support.

BTC / USDT 2-hour chart | Source: TradingView

Count waves

The number of waves is currently unclear. The decreasing wavenumber suggests that BTC is in a 1-2 / 1-2 waveform, which could eventually lead to lows near $ 19,000.

BTC / USDT 2-hour chart | Source: TradingView

The bullish wave number shows that BTC is trading as part of a complex correction structure within a symmetrical triangle. This could lead to a retest of the upper range ($ 40,550).

BTC / USDT 2-hour chart | Source: TradingView

Since both wave scenarios are technically valid and the signals from technical indicators are mixed, the current wave number is somewhat ambiguous.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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