Today Agricultural Bank of China published a notification prohibiting digital currency transactions. The notification was later removed but the FUD remains.
Since the news broke, Bitcoin’s price is ranging between the high of $33500 and the low of $31700. There is huge buying at support marked down and high selling pressure at the upper resistance area. The Price is ranging as this tug of war between Bulls and Bears continues. Comparatively, the resistance is getting stronger as the price keep knocking the support. Bitcoin is forming green candles of hope and it can reach up to $33500, sellers’ area and start a decline again.
If the support of $31700 breaks, which is likely to happen seeing the low volumes, there are the following supports to further hold the prices up.
On the other hand, if there is a Bullish wave, these are the resistance we should be looking forward to.
Bitcoin is still in a downtrend and RSI at 1H timeframe shows around 34 and tradingview technical meter is at a strong selling position. The Bitcoin price will not range too long and it can move in any direction and if the major support around $30,000 broke, we should hope for July to be red and wait a little longer before the inevitable flight.