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Bitcoin Short-Term Ceiling at $35K (July 9 Forecast)

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Crypto Daily FX
@cryptodailyfx
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We pulled back again as the 200 Day EMA has offered resistance. $30K is support and if BTC can break below, we could see a drop to $20K. $20K was the breakout point in the previous 2020-2021 impulsive wave up. Market memory would likely come into play as well as it would be the lower end of the next lower $10K range.

(July 8, 2021 8:30PM EST)

Short-term:

In the short-term it looks like there's a bit of bearish pressure ahead in the immediate term. BTC has been unable to regain any momentum to the upside, so another dip is likely in the near-future before any sort of meaningful rally. If BTC breaks below $30K, look for a precipitous drop to $20K where it should find ample support.

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However, a break above the 200 Day EMA and especially $40K and the 50 Day EMA would be extremely bullish and give us a golden cross.
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Bitcoin Dominance:

BTC.D has been pretty boring but has been fighting to stay above the 50 and 200 Day EMAs after having a bullish divergence back above them a few weeks ago. BTC.D should continue to grind higher over time as capital continues to rotate back into BTC and out of alts which have had the life sucked out of them since the May selloff.

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Support: $30K, then the 2017 ATH around $20K.

Resistance: $35K, then the 50 Day EMA just under $40K.

Posted Using LeoFinance Beta