For those of us who trade the trend of the market, Bitcoin has been so frustrating since the 23rd of June when it hit another year's ATH before the subsequent ones. That was the last time a viable bullish movement occurred, and it's almost a month now, but it continues to channel with no clear direction as many economic data, news and event updates affect it differently.
On a closer look at the market today, this might continue, but two important levels could change the narrative in support of either the buyers or the sellers. These two lines are the $31450 (the year's ATH established in June) and the $29400 (where the correction of June's bullish run ended). By principle, both levels have constituted strong barriers that need to be broken before a trend could be established.
However, more attention is on the $31450 as buyers seem to be gaining more traction compared to the lower level of $29400 which has not been threatened since the last day in June. Regardless, more sellers seem to be piling up around $31450, which could only explain why the market has not had a single close above the level in the last 24 days despite all the attempts of the buyers and some positive news.
For this, I believe a daily close above the level ($31450) will activate a strong bullish trend, while a break and daily close below $29400 might pressure the market.
I made similar projection in
this thread where I gave two case scenarios of my expectations for Bitcoin. So far, the first scenario that suggested a downward move to the $26k region seem to be playing out. The zone is actually critical and expected to hold price for more upward moves. However, if that zone is eaten by the bears, then there is a high chances that prize will reach the $22k-$20k region. This will be a lot depressing to a lot of people but not the true believers because Bitcoin will always bounce back stronger and better.
In my submission, I actually stated that Bitcoin will rise to create new highs just like every other person is saying. The time it will rise and to what extent it will go deeper before rising is what no one know with certainty. The wise thing to do at this point is to try and hold reasonable amount of Bitcoin while preparing for the rise.
Being in this forum already mean you believe in Bitcoin and it will not be logical to be here and miss out on securing your future through Bitcoin because Bitcoin is indeed the future.
Now we are playing on prices which is really that below these price points on which we are talking now on 27-28k on which this had been known the strong support until the price hits up that 25k support. Good thing that
it didnt really have those breakouts on which it did really that resulted into some small scale recovery but at least the price is really gradually backing up to 30k. We are now focusing on breaking that 28k resistance before we would really be breaking that 30k then next would really be 34-35. For now there are no current positive sentiments or news that would really be pushing through the price.It might be that quite nonrelevant
but we know that news like this could really make neither an impact or not but most likely nowadays, it does!.
Here's the current chart;