BTC/USD has turned into a rather bumpy price range in the past few days of trading for speculators. The current price of Bitcoin is near 29,500.00 USD with rather fast changes in values being demonstrated. Experienced traders of digital assets know fully that price velocity can accelerate quickly and produce massive fluctuation which makes little sense. Trading BTC/USD remains a casino-like wager for day traders with no intention of holding onto Bitcoin for longer durations.
On Monday of this week, BTC/USD touched the 28,675.00 ratio, after testing a depth of 28,570.00 on the 1st of August. On Tuesday of this week, only one day after hitting crucial support BTC/USD touched a high of nearly 30,225.00. Intriguingly after challenging lows one week before, the very next day BTC/USD managed to climb to a value of 30.030.00. The highs produced earlier this week, Tuesday, were followed by a selloff to around the 29,650.00 level before demonstrating another reversal higher.
Technical Traders and Wishing on a Start with BTC/USD
Early on Wednesday BTC/USD reversed higher and went over the 30,000.00 level again. However, this time around it could not sustain its values above this juncture and it broke more violently lower, touching a price of nearly 29,350.00 late yesterday. Yes, BTC/USD has climbed slightly higher in early trading today, but behavioral sentiment appears rather suspicious. A search within social media can find the ‘usual suspects’ talking up the value of Bitcoin. Technical interpretations of BTC/USD are open to debate. Wishing on higher values often feels like wishing on a star for Bitcoin.
- The high for BTC/USD last week and earlier this week were not able to penetrate resistance levels above late June and through the third week of July values.
- True, BTC/USD is maintaining its higher price range when a three months chart is viewed, but when a six months chart is inspected, today’s price remains under mid-April values. Traders looking to take advantage of momentum know that volatility in Bitcoin strikes fast and is hard to time regarding sudden swings of value.
Overall Broad Market Action in Digital Assets Remains Questionable Regarding Volume
Questions are starting to be heard regarding the number of trading volumes in the digital asset and cryptocurrencies landscape. Influencers will almost certainly ring a positive tone regarding BTC/USD and why it is likely a good buy, but from a speculative short-term perspective traders need to form their own opinions. BTC/USD remains within the upper tier of mid-term values, but a look at a one-month chart may make speculators believe downside price action could still be delivered. Support near the 29,000.00 should be monitored. Those looking for an upside should not be overly ambitious. BTC/USD looks dangerous – as always.
Bitcoin Short-Term Outlook
Current Resistance: 29,650.00
Current Support: 29,350.00
High Target: 30,010.00
Low Target: 28,900.00
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