Red line - major horizontal support
Blue line- short-term resistance trend line
Another week goes by with Bitcoin stuck between $18,000 and 21,000. Price continues to move sideways with no clear direction. This neutral sideways action has been dominant since early June. Bulls tried to push price above $25,000 but failed to do so and price turned back towards its 2022 lows. Traders better be patient and wait for a key level to break. Since the medium-term trend remains bearish, our primary scenario is also bearish and sees a decline to new 2022 lows as the most probable scenario. Breaking above the blue downward sloping resistance trend line, will delay this decline to new lows as it will help price bounce higher above $25,200 maybe towards $30,000.
