Green lines- trading range
Bitcoin continues to trade inside the trading range its been in since June 18th. Price has made no real progress and is moving sideways. Medium-term trend remains bearish and as we explained in a previous analysis, the most probable outcome would be for price to break down as it did the same pattern in May. We warned traders last week that the rejection at the upper boundary of the trading range was a sign of weakness. A few days later, price has reached the lower boundary once again. Bitcoin remains vulnerable to a move below $18,000.
