BTC is busy doing its best to 'sweep' the range lows, says scottmelker.
showed BTC price action dropping after a modest rebound from $29,675 — its worst level in July so far.
Little sign of upward momentum and a waning relative strength index offered little hope for those seeking a return to range highs. Traders continued to offer downside targets extending to $27,000, while longer timeframes now also looked increasingly fragile. “After upside wicking beyond the ~$30600 resistance, BTC has finally been rejected to the point of losing the Higher Low,” trader and analyst Rekt Capital“Weekly Close below the Higher Low will confirm this loss and as long as this HL acts as resistance.... ~$29300 could be next.”Others were keen to look beyond the current retracement, eyeing the potential for the 2023 uptrend to return.Smoothed Heikin Ashi candles flipped green on the 3 weekly timeframe.
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