A hard consolidated and volatile price range for BTC/USD has emerged for speculators who frequently dream of catching the next big wave of upwards momentum in Bitcoin. The high for BTC/USD this week occurred on Monday when a value of 31,050.00 was challenged briefly. As of this writing the price of the world’s most famous cryptocurrency is around 30,400.00 with its typical fast results being demonstrated. BTC/USD reached a high of nearly 31,500.00 on the 6th of June.
However, after hitting the 31,500.00 on Thursday of last week a violent reversal lower was exhibited and a price of 29,700.00 came within sight on Friday. One week later BTC/USD has created a more consolidated range and speculators hoping for a sudden and sustained burst upwards have likely been disappointed. After rocketing higher on the 20th of June when BTC/USD was trading at 27,625 and hitting a high three days later near the 31,410.00 ratio, Bitcoin has not shown much ability to maintain its upwards pace.
BTC/USD Backers will Claim Current Price Consolidation is Good Technically
Most BTC/USD backers will likely take the stance that support levels which appear durable around the 30,000.00 is a solid signal for Bitcoin. While its true support has proven rather serene near the 30,000.00 ratio the past few weeks, BTC/USD does have a history of suddenly making support levels vulnerable to downside momentum.
- Behavioral sentiment as always is a big motivator and factor in cryptocurrency trading, and while Bitcoin backers will say their ‘coin’ is different, BTC/USD still moves according to speculative emotions.
- Traders of BTC/USD should continue to monitor developing news surrounding Binance, the world’s largest cryptocurrency exchange which is working under dark shadows because governments are still speaking about regulatory issues regarding the company.
Speculative Consolidated Range and Bitcoin Wagers via Support and Resistance
The trading range of nearly 30,200.00 to 30,700.00 appears quite speculative and remains fast. Day traders who have the ability and desire to bet on the rather interesting price band of BTC/USD could try to wager on the gyrations being generated between the two prices while trying to take advantage of support and resistance. However, trying to bet on BTC/USD for short-term endeavors can be dangerous and entry price orders are urged so a trader doesn’t get an unexpected price fill. Trading BTC/USD and looking for fast results is attractive for people who like to wager, but risk management must be used to guard against volatile bursts of price action that takes most traders by surprise.
Bitcoin Short Term Outlook:
Current Resistance: 30,710.00
Current Support: 30,150.00
High Target: 30,920.00
Low Target: 29,750.00
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