Bitcoin (BTC) made another rally, but formed a long upper wick again. After that, the price dropped to the $ 32,500 area, near which it has been holding since June 21.
Technical indicators are showing an indecisive attitude. The RSI is holding around the 50 mark, and the Stochastic Oscillator cannot choose whether to form a bullish or bearish crossover. MACD has lost its strength, but still remains in the green zone.
Bitcoin continues to hold within the established range of $ 31,300 – $ 40,550. The last level also represents the Fibo level of 0.382 retracement.
On a shorter 2-hour timeframe, Bitcoin is trading around the minor support level of $ 32,725 (Fibo 0.5 retracement of the last phase of growth, as well as horizontal support).
As with the daily chart, technical indicators give mixed signals. The MACD is around the zero mark and the RSI is hovering on either side of the 50 mark.
In case of a successful bearish breakout, the next support will meet the pair at $ 30,500 (Fibo 0.786 retracement and horizontal support area).
MTC schedule. Source: TradingView
BTC Wave Analysis
Wave analysis also still fails to clarify the picture. The bearish scenario assumes that the BTC rate is in a large 1-2 / 1-2 structure, which could eventually push the price back to lows around $ 19,000.
In a bullish scenario, Bitcoin is trading within a symmetrical triangle, which is part of a complex corrective structure. This may cause retesting of the range high.
Both options continue to maintain their technical soundness, and technical indicators are giving conflicting signals, so the results of the wave analysis cannot shed light on the prospects for BTC.