Bitcoin Price Analysis: Bulls Looking for a Breakout (Week of June 29)

For timely updates on price updates, follow me @sammantic.

BTC price at press time: US$249.45

Last week’s price alert began with:

“Thus far things seem different. The one thing that continues to make me weary is the lack of volume. If we are going to have a truly sustainable advance, volume needs to pick up and price needs to burst through big resistance at the 200-day Moving Average at ~US$258. As long as price remains above the 50-day, a neutral to bullish stance should be taken.”

The price reached a high of ~US$252 and has now come down to ~US$249 and thus far the price has been consolidating above these two moving averages, which it has been doing since it broke out. This remains a bullish sign. Price is also above the ~US$243 where it started last week.  This consolidation along with many key indicators should be seen as bullish.  However price remains below the 200 day SMA at ~US$253 and the 200 day EMA at ~US$271. These both continue to act as resistance.

One other note: bear markets and bull markets both end in two ways through 1) time or 2) price. If price continues rangebound look for end of July/beginning of August for

Read more ... source: Cointelegraph