• Bitcoin traders continue to battle for control of a rangebound market
• Daan Crypto Trades flagged a key level to reclaim as BTC price support
• Skew highlighted the mid-$29,000 zone as “weak” with potential for significant price movement
Bitcoin Traders Fight it Out in Rangebound Market
Bitcoin traders continue to battle for control of a rangebound market, with one popular trader flagging an important BTC price level to reclaim as support. Meanwhile, another trader highlighted the mid-$29,000 zone as “weak” and potentially volatile.
Daan Crypto Trades Flags Key Price Level
Daan Crypto Trades identified $29,700 as an essential area for bulls to gain control of if they are to build momentum and break out of the sideways market. The area around this price is “strongly contested” by both buyers and sellers. An accompanying chart showed little significant historical support lines between $28,500 and $29,500.
Skew Highlights Mid-$29K Zone as Potentially Volatile
Focusing on short-term BTC price events, Skew pointed out large-volume bids absorbing sellside pressure on Aug. 11. He described spot price action on four-hour timeframes as “weak” despite holding above various exponential moving averages (EMAs). He concluded that there was likely potential for significant volatility from this tight compression in prices.
Bulls Need Momentum To Break Out Of Sideways Market
In order to break out of the current sideways market and push BTC/USD higher again, bulls need to gain control over certain key levels in order to build enough momentum and change the landscape for good. This will require reclaiming areas such as $28,500 or slightly lower as downside targets and pushing through resistance at $31,800 or higher.
Exchange Trades Reveal Bullish/Bearish Pressure
Exchange trades can reveal interesting insights into the current state of play between bulls and bears in terms of buying/selling pressure which can help traders make better investment decisions about when to enter or exit positions accordingly. Watching these exchange trades can help give traders an edge over their competition when attempting to predict future price movements and make profitable trades..