Bitcoin Price Analysis: Bulls’ Summer Vacation or Bear Trap? (Week of July 20th)

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BTC price at press time: US$276

Last week’s price alert began with:

“The RSI became overbought and it now correcting that condition. The price is testing support levels now and needs to hold.  Nevertheless, RSI is on a buy signal. Right now, 50-55 looks like the support area in RSI. The Money Flow Index is also on a buy signal and in bullish territory. OBV has begun picking up slightly but is not convincing; it is not at the pace one would expect with the rise in price. It would be good to see volume confirm price. A line of resistance has been drawn through the OBV chart and it still has not broken above that line, volume continues to be light to the upside. If volume picks up this may be what lifts the price in its next leg up.”

Price has retreated in the wake of a Greek Deal, a DDOS attack on OKcoin, and a PBOC that is attempting to stabilize the Chinese markets. Over the last few days, price has traded in a tight range below US$280, unable to remain above. The price fell below a few levels identified as support,

Read more ... source: Cointelegraph