After reaching the highest weekly almost to the present, Bitcoin (BTC) now tries to confirm two crucial levels as support before he continues his rally to new highlights. Some analysts have suggested that the cryptocurrency may experience a “calmness before the storm” phase.
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Bitcoin set for important support confirmations
Bitcoin managed to close above two crucial levels in recent days and registered the highest weekly closure in history. Last week the flagship Crypto positioned itself for a recovering from its last large weekly resistance around $ 109,000 after four days after the approaching of this area.
On Sunday, BTC rose above the most important barrier and the week closed around $ 109,200 Mark, also successfully the diagonal daily trendline as support. Now the cryptocurrency is the re -testing of the final resistance to confirm the outbreak.
Stretching capital confirmed That the goal is to change this resistance in support, because the BTC could push to new all time (ATH). He explained that “in view of how the price is hardly closed every week above the last weekly resistance, it offers very little chance for the price to neatly support this level in support; that is, this retest will probably be a volatile.”
Nevertheless, the analyst noted that the Cryptocurrency has a considerable support for the High Time Aftration (HTF) under that that “over time” should act as a demand for springboard in price discovery. “
Bitcoin has recovered in particular and held the high zone of his re-accumulation, around $ 104,400 Mark, as support in the past two weeks. In the meantime, June Monthly closed above the level of $ 102,464 and tested it again after the breakout “to call in this current July-upside candle”, it as a monthly support.
Moreover, the level of $ 107,244 also emerged as a crucial area after the end of last month, where BTC was “back to his retest phase”.
BTC to break after the summer?
Capital stretches BTC’s current phase as ‘the peace before the storm’, and adds that “as long as the retest will take place after falling apart, Bitcoin will be placed for his second price determination.” However, he pointed out that it is currently locked between $ 104,400 and $ 111,000 this month.
Daan Crypto Trader warned investors that in the coming days it can be crucial for the BTC price action this month. He emphasized that Bitcoin tends to have set his monthly high or low within the first 12 days, before the price trends are about 20% in the opposite direction.
It is remarkable that June was an exception after Bitcoin remained relatively stable with only small movements in each direction. Now the analyst thinks it’s time to “pick up again for every major movement up or down within the first 12 days” to possibly determine the trend of BTC for the rest of the month.
“For now there was little action in July,” Daan stated, but added that “technically we are still looking perfect” around the current levels. He claimed That, with the slower pace in the summer, BTC could stay within its current reach until a real movement starts at the end of the quarter and the beginning of Q4.
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The trader concluded that the cryptocurrency should officially break out of its reach before investors become enthusiastic for “much higher later this year”.
Bitcoin is currently being traded on $ 107,973, a fall of 1% in daily period.
Featured image of unsplash.com, graph of TradingView.com