CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,784.00
  • ethereum
    ETH$1,638.09
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » BTC » Bitcoin Price Analysis: BTC Approaches Consolidation Apex, Huge Move Imminent

    Bitcoin Price Analysis: BTC Approaches Consolidation Apex, Huge Move Imminent

    Author: Yaz Sheikh

    Last Updated Jul 27, 2021 @ 11:52

    BTC is down a total of 6% over the week, as of now, while it currently battles to remain above $32K. The primary cryptocurrency has been trading inside a long period of consolidation between $30K and $40.5K since the mid-May capitulation candle and between $30K and $35K over the past month.

    This consolidation can be seen in the form of a bearish triangle, as shown below on the daily chart.

    Same as it happened over the past weeks when BTC tested the $30-31K lows, this week’s low lies amid the same support line – $31K from Friday.

    This critical range has supported the market on numerous occasions since mid-May. Thus, it will be a crucial support to defend to prevent a slide beneath $30K.

    BTC is now quickly approaching the apex of the triangle, as seen on the following daily chart, indicating a potentially colossal move incoming over the next days or even hours.

    From the technical point of view – the Bollinger Bands are very squeezed, along with the decreasing amount of volume. From the fundamental point of view – the market anticipates the GBTC unlocking event, which starts today – July 18.

    Looking at the 4-hour chart, BTC is trading inside a descending price channel since the start of June. It found support at the lower angle of this price channel on Friday and bounced from there to push into the resistance at $32,300. This has formed a short-term ascending price channel (white lines) that BTC is now trading inside.

    So far over the past month, Bitcoin was able to “fix” the weekly candle by a decent price increase on Sundays, which left a long wick down. It remains to be seen if this ongoing Sunday will end up the same way.

    BTC Price Support and Resistance Levels to Watch

    Key Support Levels: $31,700, $30-31K, $29,400, $28.6K

    Key Resistance Levels: $32,300 – $32,700, $33.5K, $35,000, $36,600.

    Looking ahead, the first support lies at $31,700 – the lower angle of the short-term ascending price channel. This is closely followed by a critical support area amid the $30-31K range, which is the lower boundary of the triangle.

    If $30K breakdown, the next support lies at $29,400 (downside 1.272 Fib Extension – blue), followed by $28.6K which is June’s low.

    On the other side, the first resistance lies between $32,300 (short-term resistance) and $32,700 (upper angle of the triangle). This is followed by $33.5K (upper angle of the descending price channel and 20-day MA), $35,000 (50-day MA), and $36,600 (late-June highs).

    The daily RSI remains beneath the midline and below the long-term descending trend line (blue line), preventing momentum from creating a higher high since February. A breakout of this blue line would indicate that the momentum is finally ready to increase on a longer-term basis.

    Bitstamp BTC/USD Daily Chart

    btcusd-jul18

    Bitstamp BTC/USD 4-Hour Chart

    btcusd-4hr-jul18-min
    BTC/USD 4-Hour Chart. Source: TradingView.
    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

  • bitcoin
    BTC$22,784.00
  • ethereum
    ETH$1,638.09
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!