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Bitcoin: narrow and dangerous sideways!

The local situation on the Bitcoin chart on Friday looks dull. The daily candlestick is still bearish, it marks the formation of engulfing if it is impossible to break through the resistance level of 34,708.27. But it is incorrect to conclude an unclosed candlestick, besides, we remember very well the daily candle from June 22, which turned red threateningly during the day, but eventually closed with a bullish one with a long lower tail.

Nevertheless, consolidation in a narrow range looks like indecision on the one hand. On the other hand, the side, especially as narrow as 31,082.82 - 34,708.27, sooner or later breaks through. And here the question remains about where the exit from the side will be. And there is no answer to it yet. We must wait.

The opinions of reputable analysts differ, since, probably, everyone is looking for arguments in favor of what he believes in. But globally, they do not really contradict each other, rather they relate to different time perspectives.

For example, JPMorgan notes that now large investors are not interested in Bitcoin. The main cryptocurrency, in their opinion, will be traded in the range of $23,000 - $35,000 per coin. In addition, the end of the Grayscale lock and the sale of Bitcoins can push its price down.

Meanwhile, Galaxy Digital Trading spokesman Jason Urban, says that the main cryptocurrency can renew its all-time high, you just need to wait for the flow of negative news to subside a little.

CryptoKitties, are slowly accumulating bitcoins, and the Canadian Purpose Bitcoin ETF noted capital gains during the "China crash" of the cryptocurrency.

China this time turned out to be more serious than ever in its cryptocurrency repression. Crypto exchanges are leaving the country, some are being repurposed, the market is watching the great migration of miners.

Now you need a driver. Strong, positive, or simply resonant, to push the price of BTC/USD above the local, but now so important level of 34,708.27.

So, in my opinion, the question about the price of Bitcoin now sounds like this: "How low will Bitcoin fall before it continues to rise?" And as long as it has not dropped below 28,392.99, there is no serious cause for concern.

And local scenarios for the main cryptocurrency have not changed yet, the whole focus is on the level of 34,708.27. And if today's candlestick does form a bearish engulfing, it is possible that even another testing of the level of 31,082.82 (lower red dotted line) for strength is possible.

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The material has been provided by InstaForex Company - www.instaforex.com