- Bitcoin price coils in a sideways triangular trading range.
- Goldman Sachs rumored to have opened their first BTC futures and options position.
- Invalidation of the bearish downtrend is a break and close above $21,868.
Bitcoin price shows technical reasons to believe in one more decline. Goldman Sachs’ entrance into the crypto market is a strong indication of a big move to come.
Bitcoin price meets Goldman Sachs
Bitcoin price has investors preparing for a lethal blood bath in the coming days. Since June 15 the BTC price has auctioned off within an erratic trading range producing diminishing returns and diminishing losses with each directional shift. The technicals have now revealed the reasoning behind the peer-to-peer digital currencies madness as a symmetrical triangle is unavoidably prevalent on the 4-hour chart.
Bitcoin price currently trades at $20,087 as the bulls have managed to re-route since the early morning shake-out on June 5. The Relative Strength Index subtly validates the symmetrical triangle’s presence as bullish and bearish divergence is witnessed at key pivotal turning points.
BTC/USDT 4-Hour Chart
On July 5, Crypto analysts @BTC_Archive reported that Goldman Sachs has joined in on the crypto speculation. Apparently, the prestigious investment group has opened their first Bitcoin Futures and Options position during the Asian trading session. At current time, it is uncertain if the immensely funded investment group is a bull or a bear in the market and the company has not issued a follow-up to the hundreds of Twitter users asking the same question.
From a technical standpoint, BTC price does have the potential for an Armageddon-style decline. A break and close below $18,595 could ultimately be the catalyst to awaken sleeping bears in attempts to send the BTC price into $14,300.
Invalidation of the bearish thesis is a definitive break and close above $21,868. If the bulls can breach this level, they could be able to rally as high as $31,000, resulting in a 55% increase from the current BTC price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.