Contracting Bollinger bands suggest a big move is overdue.
Bitcoin's long-term moving averages are about to produce yet another bearish crossover.
Upside appears to be limited.
Sellers are in control after bitcoin broke below a series of higher price lows from the June 22 shakeout around $29,000.
The month-long consolidation and declining volume suggest a volatile price move could occur as traders await confirmation of a decisive breakout.
China’s announcement preceded choppy price moves around $34,000, which left traders with little sense of direction.
Minor support is seen at $33,000, which is near the 100-day moving average on the four-hour chart.
Bitcoin is holding support with initial resistance at $36K.
Bitcoin buyers are in profit-taking mode given strong overhead resistance.
BTC starts July on a negative note, although buyers could return at $30K support.
Bitcoin stalled during Asia hours as buyers took profit near $36K resistance. Support at $30K-$33K
Bitcoin could see a minor breakout toward the top of a two-month range near $40K.
Bitcoin is under pressure after reaching $35K resistance. Support at $30K could stabilize the current pullback.
Bitcoin's short-term downtrend is slowing, although upside appears to be limited heading into the weekend.
Bitcoin is down about 12% over the past seven days and was trading around $33,000 at press time.