Technical analysis
BTCUSD has recovered above its lower Bollinger Band on the daily time frame. If this continues bulls could rally the BTCUSD pair towards the mid-line of even the upper daily Bollinger Band.
Sellers were repeatedly unable to break the $29,000 support level this week. This is bullish because it means that the BTCUSD pair has stopped forming new monthly trading lows.
What the possible outcomes are
In our most likely scenario, the BTCUSD pair will eventually recover back towards the $33,000 resistance level or the mid-line of the Bollinger Band indicator on the daily time frame.
Alternatively, the BTCUSD could reverse back towards the $29,000 support level and perform yet another key technical test of the June monthly trading low.
Key levels
Support $30,000 $29,000
Resistance $33,000 $35,800
