Technical analysis of Bitcoin/USD for July 12, 2021

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Bitcoin is locked in a range between 30,066 to 40,904 and the big question is whether we will see a break below 30,066 and a much deeper correction towards 16,400 or Bitcoin will recover for a new uptrend towards the 64,895 peak and ultimately above here too for a rally towards 97,000?

We does see a bullish divergence in both the RSI and MACD indicator indicating a possible bottom being in place, but we still need a clear break out of this range to confirm the next direction up or down. We do favor the upside to hold the better odds, but nothing is given yet.

Trading recommendation:

Use the break out of the range and go with whatever side breaks for the next serious move. Buy a break above 40,904 for a rally above 64,895 or sell a break below 30,066 for a continuation towards 16,400

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

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