- Bitcoin price coils in triangular fashion as the bears have rejected auctions at the $20,000 price level.
- Ethereum price witnesses historically low gas fees prompting an underlying bullish sentiment yet to be seen in the technicals.
- Ripple price is denied mid-$0.35 entrance and prepares for a sharp move.
The cryptocurrency market is at a make-or-break point. Key price levels have been defined below to keep track of future directional bias.
Bitcoin price has investors' fingers crossed
Bitcoin price at the time of writing trades at $19,440 as the bears are suppressing the peer-to-peer digital currency on the 4-hour chart. The persistent back-and-forth price action witnessed to start the month of July has developed a coiling-like pattern that could steer long-term investors away from jumping in until a definitive breach occurs.
Still, the market leaves opportunities for those willing to engage. Crypto Analyst @Ali_Charts forecasted a potential sell signal during the Asian trading session, noting that the Bitcoin price would “trigger a brief correction to $19,720 or even $19,500” if the BTC price failed to hurdle the 20,800 barrier. On July 5, 2022, Ali’s 1-1 trade setup was fully validated as the bears flexed a large bearish engulfing candle on the 12-hour chart.
@Ali_Charts
Bitcoin price is still within bounds of the coiling-like pattern and should be observed closely to participate in the next directional move. A breach below $18,635 could be the straw that breaks the camel’s back, as bears will likely hold onto shorts until targets at $15,500 and potentially $14,700 are reached.
On the contrary, a decisive close above $20,800 could resolve the consolidative pattern with a bullish rally targeting $23,000 and potentially $24,700, resulting in a 20% increase from the current Bitcoin price.
BTC/USDT 12-Hour Chart