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Bitcoin price spent the weekend consolidating as the action has all gone sideways for the time being. There was another dip down below $11,000 yesterday but BTC recovered back as it heads towards resistance once again.
Bitcoin Price Trading Sideways
An intraday high of $11,730 was touched a few hours ago but BTC could not hold there and has fallen back below $11,300 again where it currently trades 00. The move marked another lower high which has kept the downtrend intact for now.
BTC price 1-hour chart – Tradingview.com
Daily volume has dipped below $20 billion, half of what it was late last month, and market cap is still at $200 billion. The correction has all the signs of continuation and a clear level of resistance has formed at around $11,700 where the 0.768 Fib level is.
Trader ‘CryptoFibonacci’ has noted this on the four-hour chart.
“$BTC 4 hour Chart. Downtrend line and the 78.6 Fib retrace are both a brick wall for the moment.”
$BTC 4 hour Chart.
Downtrend line and the 78.6 Fib retrace are both a brick wall for the moment.#BTC pic.twitter.com/d9ccsdNCYZ
— CryptoFibonacci (@CryptoFib) July 6, 2019
On the same chart, BTC is currently sitting right on the 50 moving average. Support at the 200 MA is at around $9,800 so this could be another target. Josh Rager has looked at longer time frames which are still bullish despite the current bearish mood.
“Not for sure why there is some overly bearish sentiment with Bitcoin right now just b/c price has failed to move up to retest local highs. The daily and weekly charts look fine. Nice green candles on both, doesn’t look bearish to me. Still neutral leaning bullish atm,”
Not for sure why there is some overly bearish sentiment with Bitcoin right now just b/c price has failed to move up to retest local highs
The daily and weekly charts look fine
Nice green candles on both, doesn't look bearish to me
Still neutral leaning bullish atm pic.twitter.com/BR84WEs3im
— Josh Rager
(@Josh_Rager) July 6, 2019
He added that Bitcoin price usually ranges for a couple of weeks after such a pullback.
“$BTC pattern has been a strong uptrend followed back a sharp pullback & then range 2 to 3 weeks before continuation. Don’t take this chart too seriously, as no one can predict price action, but Bitcoin likely ranges here. Total guess if BTC continues uptrend to new ATH afterward,”
$BTC pattern has been a strong uptrend followed back a sharp pullback & then range 2 to 3 weeks before continuation
Don't take this chart too seriously, as no one can predict price action, but Bitcoin likely ranges here
Total guess if BTC continues uptrend to new ATH afterward pic.twitter.com/Kd4KylI0nG
— Josh Rager
Hash Rate At All-Time High
Fundamentally things are looking good for the Bitcoin network. A new hash rate high was hit recently of over 74.5 million tera hashes per second. According to blockchain.com BTC hash rate is up over 100% year on year. Hash rate is a good sign of network health and for BTC it keeps improving as does difficulty which is also at ATH right now. Network transactions have also been steadily increasing for the past year so overall things are looking good for Bitcoin fundamentally.
Is Bitcoin price about to correct lower? Add your thoughts below.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.