Bitcoin (BTC) and most altcoins show weaknesses that can cause minor corrections.While Bitcoin continues to be traded between $ 9,000 and $ 9,500, the market share is declining as altcoins are earning more than the leading cryptocurrency. BTC’s dominance rate is now 62.4%.
According to popular analyst Denys Serhiichuk, the bulls showed strength between 9 thousand 50 – 9 thousand 100 dollars and they did not allow Bitcoin to fall below 9 thousand dollars. However, it is still too early to consider a steady increase, as buyers need to go above $ 9,500 to consider reaching $ 10,000.
According to the analyst, in the hourly chart, Bitcoin support is jumping and entered a short bullish wave. The uptrend is supported by increasing trade volume, so there is less chance of a negative break. As a result, growth can continue to the high liquidity zone, which is between $ 12,200 and $ 9,250 by the end of the current week.
In the 4H time frame, neither bulls nor bears prevail. The trading volume is not low, but it is not enough to continue growth.
Fall or Rise to Live?
According to the analyst, the large distance between the lines of the Bollinger Bands indicator shows that the side trade is a more likely scenario in the coming days. In summary, traders can expect Bitcoin to rise to $ 9,100 – $ 9,200 soon.
In the daily time frame, there is still a downward trend. If the bulls cannot break the falling channel, the trading volume remains at a lower level. Therefore, at the beginning of August, we are likely to see BTC at the bottom of the channel at $ 8,900.
“You Can Trade Altcoin”
Famous analyst Josh Rager said that Bitcoin is now in a boring region. Rager used the following statements:
“This compression can take days. It is slowly turning into a smaller range. I am sure that the situation will be boring, at least until the weekly closing. You can trade Altcoin or go out and have fun outside. ”
This $BTC compression could go on for days
Slowly making into a smaller and smaller range
Quite sure it's going to be boring until at least weekly close
You can either trade altcoins or go out and enjoy the outdoors pic.twitter.com/yOFUBukyIy
— Josh Rager 📈 (@Josh_Rager) July 17, 2020
Bitcoin was trading at $ 9 thousand 134 at the time of writing.