Bitcoin Bulls Battle to Reclaim $30,000 Amid BTC RSI Price 'Reset'
Bitcoin Comes Back in a Tug of War Above the $30,000 Mark as BTC Price Action Costs the RSI of bullish weeks.
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Bitcoin (BTC) has targeted new month-to-date lows at the Wall Street open on July 18, with bulls refusing to give up support at $30,000.
BTC/USD hourly chart. Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC price action fell after a modest rebound from $29,675 – its worst level in July so far.
Little sign of upside momentum and a waning Relative Strength Index (RSI) offered little hope to those looking to get back to range highs.
Traders continued to offer downside targets down to $27,000, while longer timeframes now looked increasingly fragile.
“After breaking above the ~$30,600 resistance, BTC finally got rejected to the point of losing the low,” trader and analyst Rekt Capital commented on the 1-week chart.
"The weekly close below the upper low will confirm this loss and as long as this HL acts as resistance...~$29,300 could be next."
BTC/USD annotated chart. Source: Rekt Capital/TwitterOthers wanted to look beyond the current retracement, envisioning the potential for a return of the 2023 uptrend.
#Bitcoin is gearing up for its next big move!
Heikin Ashi candles smoothed...
Bitcoin Comes Back in a Tug of War Above the $30,000 Mark as BTC Price Action Costs the RSI of bullish weeks.
Market Update
Join us on social networks
Bitcoin (BTC) has targeted new month-to-date lows at the Wall Street open on July 18, with bulls refusing to give up support at $30,000.
BTC/USD hourly chart. Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC price action fell after a modest rebound from $29,675 – its worst level in July so far.
Little sign of upside momentum and a waning Relative Strength Index (RSI) offered little hope to those looking to get back to range highs.
Traders continued to offer downside targets down to $27,000, while longer timeframes now looked increasingly fragile.
“After breaking above the ~$30,600 resistance, BTC finally got rejected to the point of losing the low,” trader and analyst Rekt Capital commented on the 1-week chart.
"The weekly close below the upper low will confirm this loss and as long as this HL acts as resistance...~$29,300 could be next."
BTC/USD annotated chart. Source: Rekt Capital/TwitterOthers wanted to look beyond the current retracement, envisioning the potential for a return of the 2023 uptrend.
#Bitcoin is gearing up for its next big move!
Heikin Ashi candles smoothed...
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