After facing up to its December 2020 lows in mid-June, the buyers have shown some resilience over the last two months. As a result, BTC jumped above its four-month trendline resistance and flipped it to support.At the time of writing, BTC was striving to recover from its recent up-channel breakdown. Should the $20.8k-level uphold its value in investors’ minds, the coin could see a sluggish phase near its Point of Control . In this case, the potential targets for the coin would lie in the $22.
However, with the 20 EMA looking south after the bearish flip on the ribbons, the sellers would aim to constrict the bullish advantage. Also, recent selling volumes have exceeded the near-term buying pressure. Any drop below the $20.8k-level could hint at a selling sign.RationaleThe Relative Strength Index ’s decline below its equilibrium resonated with the bearish edge. The bulls must provoke its growth towards the midline to create a near-term bullish bias.
Interestingly, the Volume Oscillator fell below the zero mark during the recent green candlesticks. This reading reflected the scarcity of buying volumes in the current picture. Nonetheless, the ADX projected a weak directional trend for the coin.Given the confluence of the POC and the $20.8k support, BTC buyers might aim to stop the current bleeding. However, the bearish crossovers on the EMA ribbons and the lack of volumes put BTC in a rather fragile situation.
Finally, investors/traders should factor in macro-economical factors affecting the broader sentiment. This analysis will help them increase the chances of a profitable bet.Subscribe to get it daily in your inbox.
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