• Bitcoin [BTC] has been trading around $29k, with bearish order blocks at $30.2k and $29.8k to the north and recent lows presenting attractive liquidity to the south.
• The three-week range is expected to persist, while traders can look for opportunities at either extreme of it.
• There was a wave of selling on 14 August that forced BTC to drop to $29.1k, accompanied by a drop in Open Interest.
Bitcoin Trading Around $29K
Bitcoin [BTC] has been trading around the $29k area, with bearish order blocks at $30.2k and $29.8k to the north and recent lows presenting attractive liquidity to the south. The three-week range is expected to persist, while traders can look for opportunities at either extreme of it.
Wave Of Selling On 14th August
On Monday 14th August there was a wave of selling that forced BTC to drop to $29.1k, accompanied by a drop in Open Interest showing speculators exiting the market as BTC bounces from this level.
Indicators Showing Momentum Shift
The RSI showed that momentum was bearish since 9 August on the 2-hour chart but has recently climbed above neutral 50 hinting at a possible short-term sentiment shift supported by capital flow into the market indicated by CMF climbing to +0.24 and a rise in buying volume underlined by A/D indicator spike upward .
Bulls Need To Defend Critical Level At$28K
Higher timeframe charts show that bulls need to defend critical level at 28K for any further gains as any move below this could lead further losses .
Traders Look For Opportunities At Extremes Of Range
Traders looking for buying opportunities should wait for move back toward 28K – 28.8K before entering into trade as swing traders look for buying opportunities .
