RATE Group | Bitcoin Price Analysis: How Many Days Can We Trade Sideways?
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Bitcoin Price Analysis: How Many Days Can We Trade Sideways?

29 Jul Bitcoin Price Analysis: How Many Days Can We Trade Sideways?

Posted at 11:11h in Bitcoin News by

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Decisions by the U.S. Securities and Exchange Commission (SEC) appear to have put a temporary damper on the current Bitcoin rally. Does the quick recovery to $8,250 mean the bull reversal is still intact?

Market Overview

BTC 00 dipped to $7,900 on the recent denial of the Winklevoss brothers Bitcoin ETF application, and the postponement of Direxion BTC ETF decision by the SEC, but it’s clear that current events were not the sole factor for this mild pullback. As Bitcoin rallied to new monthly highs it also became oversold but the king of cryptocurrencies recovered quicker than expected and now appears to be gearing up to retest the 200-day MA at $8,476.

1-Hour Chart

BTC <span class="coin-price-shortcode" data-coin-price-coin="bitcoin"><span class="price-usd">0</span><span class="change">0</span></span> dipped to $7,900 on the recent denial of the Winklevoss brothers Bitcoin ETF application, and the postponement of Direxion BTC ETF decision by the SEC but it’s clear that current events were not the sole factor for this mild pullback. Bitcoin also became oversold, encouraging sales.

Bitcoin 00 remains above the ascending trendline and is currently trading within a tight $200 dollar range along the $8,225 support which is also slightly above the 100-day MA. A pattern of higher-lows and higher-highs can be seen and even though the 5-day MA has begun to descend toward the 10-day MA, the 10…

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