P95G Bitcoin Market Weekly Report — Week of 07/20/2020
The Bitcoin continued to trade within a tight range last week. The BTC price dropped to below $9,026 at one point, but managed to recover and reach $9,299. The price volatility remained low for the fourth consecutive week and did not have any strong directional moves.
The current support remains at $9,000, while the resistance is at $9,300. The BTC price has formed a higher low at $9,111 on July 19th, which indicates a slightly bullish signal. If the price continued to stay above the upper Keltner band and the descending trendline as shown in the chart, it would be a buy opportunity when the price breaks above $9,300 again.
Review of the week：
Top-level crypto trader Josh Rager shared his views in a recent Tweet that before it skyrockets toward $20,000, BTC should decline, or in his words, pullback below $7,000, with a highly probable possibility. He stated that, in his experience with the numerous BTC charts, a new rally never happens without BTC plunging first. The initial rally is first followed by a compression period, next comes a pullback and only then will the asset price begin rallying again.
Another anonymous crypto analyst TraderXO also shared the same thoughts with an estimated low $5,000 and a crazy surge $200,000. However, it is worth mentioning that if it recently moves higher, Bitcoin could also be experiencing a fake breakout from the wedge, which could be devastating for traders that are ready to enter the market. And this is why many investors wait for confirmation of the trend before placing their trades for both long and short positions.
Disclaimer: The above market commentary is based on technical analysis using historical pricing data, and is for reference only. It does not serve as investment or trading advice.
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