After hitting a low below 28500.00 on the 22nd of June, BTC/USD has managed to move upwards. This has not been achieved without a fight, but as of this writing BTC/USD is near the 36300.00 juncture. The upwards momentum maybe enough to tempt some speculative bulls back into the market, but they might also want to wait and see if resistance levels above can actually be toppled and value sustained.
What may worry skeptics who continue to have negative sentiment regarding BTC/USD is that after a high was reached on the 15 of June above 41100.00, it was one week later the lows for June were demonstrated. This opens the possibility to interpret the technical movement as a false breakout which ran into strong resistance and allowed bearish selling to become violent.
Interestingly as the month of July gets ready to start it appears BTC/USD will essentially begin trading within eyesight of the values it was traversing in early June. Depending on a traders’ perspective and their sense of direction, BTC/USD’s ability to straddle the middle of its one month range will allow for a host of speculative choices to be made regarding direction.
If BTC/USD can break above the 38000.00 juncture and prove it has the endurance to keep this value intact, bullish traders may be inclined to believe another test of the 40000.00 ratio is in the cards. However the month of June was not able to produce a prolonged timetable of values above the 37500.00 to 38000.00 levels consistently. Until BTC/USC exhibits enough volume and fast trading velocity upwards, speculators may be inclined to remain cautious and wait for stronger indications to become clear. Support near the 34000.00 juncture remains crucial in the opposite direction, BTC/USD was able to demonstrate some tenacity between the 33000.00 to 34000.00 junctures. Aggressive traders could use the price range between the 34000.00 and 37000.00 areas to attempt to simply follow trends and search for reversals until the support and resistance levels are diminished.
Intriguingly after BTC/USD appeared in some regards to lose ground to its major counterpart, Ethereum, in April and May as ETH/USD actually showed some capacity for greater gains, Bitcoin seems to have taken over control again for being a barometer of market sentiment. Traders should also pay attention to the trading results which have been produced over the weekends the past month, it appears that a greater amount of price volatility has happened during weekends recently, and the movement has not proven positive frequently.
BTC/USD Outlook for July:
Speculative price range for BTC/USD for July is 27000.00 to 42000.00.
The wild price fluctuations of BTC/USD became less violent in June compared to May. However, within the tighter range, plenty of speculative elements remain. If BTC/USD sees more downward pressure and the 34000.00 juncture begins to look vulnerable, traders could target the 33000.00 to 32000.00 quite legitimately. As a side note, inexperienced traders should take into careful consideration what the one thousand dollar moves in BTC/USD mean. Traders need to manage the use of leverage exceptionally well and use risk management at all times. If the 30000.00 ratio looks to be vulnerable, BTC/USD could be ready to test and break through June lows.
If BTC/USD shows the ability to stampede through the 37000.00 mark and challenge the 38000.00 level it could set off social media influencers who may voice their opinions that the 50000.00 will soon be seen again. However, traders are urged to keep appropriate goals and not get too greedy. A comfortable test of the 40000.00 mark would be a success for BTC/USD taking into consideration the volatility it has experienced the past month. A run up to 42000.00 could prove to be a real achievement and may convince traders another run higher is about to ensue.
