What are the support levels?
What are the resistance levels?
At the time of writing the report, BTC is retesting $6,800 levels as a strong resistance. Just above it, BTC faces $7,040 level which was the swing low back in May. We have to wait and see if BTC can close on the daily chart above $6,800 levels. That can be considered as a bullish signal. why? because Breaking the overhead resistance is considered a bullish signal. In this case, BTC will target $7,500 levels where it will be challenged by the 55-bar weekly moving average. The resistance zone can be extended to $7,500 levels where the 55-bar daily moving average lies. BTC needs to close in the monthly candle in July above $7,777 to signal the bullish movement will continue in Aug.
See the BTCUSD – Weekly Chart for illustration: