empty
12.07.2021 07:19 AM
Technical analysis of Bitcoin/USD for July 12, 2021

This image is no longer relevant

Bitcoin is locked in a range between 30,066 to 40,904 and the big question is whether we will see a break below 30,066 and a much deeper correction towards 16,400 or Bitcoin will recover for a new uptrend towards the 64,895 peak and ultimately above here too for a rally towards 97,000?

We does see a bullish divergence in both the RSI and MACD indicator indicating a possible bottom being in place, but we still need a clear break out of this range to confirm the next direction up or down. We do favor the upside to hold the better odds, but nothing is given yet.

Trading recommendation:

Use the break out of the range and go with whatever side breaks for the next serious move. Buy a break above 40,904 for a rally above 64,895 or sell a break below 30,066 for a continuation towards 16,400

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.