Bitcoin – BTCUSD
Bitcoin price action on the day has been choppy, with the doji candle showing the indecision that has gripped buyers and sellers amid the crackdowns on Bitcoin and other cryptos in recent weeks. BTCChina, which is China’s oldest crypto exchange, has quit the Bitcoin exchange business amid the Chinese government’s crackdown.
Municipal governments are not being left out, as they try to outdo the central government’s actions in China. Bans are being imposed on the major Bitcoin mining provinces. So far, twenty-six Bitcoin mining farms have been shuttered in Sichuan, with power companies also being ordered to cur electricity to affected mining farms and districts.
Bitcoin price at the moment is trading at 34564, for a loss of 0.48%.
The double bottom on the daily chart, found at the 29961 price support, is nearing confirmation. If the active daily candle closes above the 34445 neckline resistance, the pattern is confirmed, and we could see a bounce in price that targets the 37895 resistance. Attainment of this point marks the completion of the measured move. Bulls would need further momentum to break this point and the descending trendline that marks the extension of the neckline of the completed head and shoulders, which triggered the 19 May decline. If this is successful, 40137 and 41912 could become additional targets to the north.
On the other hand, failure to clear the 34445 resistance could postpone the completion of the double bottom, leading to a decline that targets the 27 June low at 31897. Below this level, 29961 becomes an additional target, where a bounce could provoke an attempt to form a triple bottom. If the 29961 price level fails to hold, 27594 becomes a new target, putting the 24020 support on notice as well.
