{"id":126036,"date":"2023-07-22T18:47:02","date_gmt":"2023-07-22T18:47:02","guid":{"rendered":"https:\/\/dripp.zone\/news\/back-at-the-bottom-bitcoin-wards-off-buyers-with-a-megaphone-crypto-news\/"},"modified":"2023-07-22T18:47:05","modified_gmt":"2023-07-22T18:47:05","slug":"back-at-the-bottom-bitcoin-wards-off-buyers-with-a-megaphone-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/back-at-the-bottom-bitcoin-wards-off-buyers-with-a-megaphone-crypto-news\/","title":{"rendered":"Back at the Bottom, Bitcoin Wards off Buyers with a Megaphone!\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"post-155004\">\n<p><!--\n     \n\n<div class=\"marketThumbs\">\n             <noscript><img loading=\"lazy\" width=\"1200\" height=\"681\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/22234729\/FFE4FbRq-e1690049873898.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Bitcoin price analysis\" decoding=\"async\" srcset=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/22234729\/FFE4FbRq-e1690049873898.png 1200w, https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/22234729\/FFE4FbRq-e1690049873898-300x170.png 300w, https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/22234729\/FFE4FbRq-e1690049873898-768x436.png 768w, https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/22234729\/FFE4FbRq-e1690049873898-150x85.png 150w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/noscript><\/div>\n\n\n--><\/p>\n<p class=\"MarketsUp f-14 d-block\">Published 13 minutes ago  <\/p>\n<div class=\"Atcs\">\n<p><span style=\"font-weight: 400;\">Bitcoin&#8217;s been on a seesaw ride for the past month, swinging between $31,500 and $29,650.  These levels have proven to be significant with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/bitcoin\/\">Bitcoin&#8217;s price<\/a> smacking into and bouncing back from both these levels three times.  Even more intriguing?  We&#8217;re seeing a &#8216;megaphone&#8217; pattern emerge in this tug of war\u2014a hint of increasing volatility and a potential trend reversal.  So, are you planning to buy the dip or wait for more discounted prices?  Check out Bitcoin price analysis to create a more technical viewpoint. <\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>Also read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/Bitcoin Long-Term Holders Reach ATH, Is The Time For Quick Gains Over?\">Bitcoin Long-Term Holders Reach ATH, Is The Time For Quick Gains Over?<\/a><\/p>\n<h2><span style=\"font-weight: 400;\">Bitcoin Price Daily Chart<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Bitcoin price, currently confined within a narrow range, requires a breakout opportunity to reestablish a directional trend.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If a breakout occurs above $31,500, it could trigger a surge in the coin&#8217;s price, potentially resulting in a 4.5% increase.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The intraday trading volume in Bitcoin is $10.5 Billion, indicating a 35% gain.<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"Bitcoin price analysis\" width=\"1946\" height=\"1104\" data-lazy-src=\"https:\/\/s3.tradingview.com\/snapshots\/f\/FFE4FbRq.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/s3.tradingview.com\/snapshots\/f\/FFE4FbRq.png\" alt=\"Bitcoin price analysis\" width=\"1946\" height=\"1104\"\/><\/noscript><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/FFE4FbRq\/\"><span style=\"font-weight: 400;\">tradingview<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin&#8217;s price action has entered a consolidation phase, trapped sideways after an impressive 21% surge in the last 15 days of June. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For almost 31 days, it has been hovering within a defined range, with $29,642 and $31,498 acting as the lower and upper bands respectively.  This period of consolidation has bottled up significant momentum, potentially setting the stage for a sudden price shift upon breakout.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">Currently, Bitcoin trades at $29,893 close to the support with signs of lower price rejection. <\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Furthermore, an analysis of the closing price of each swing within the consolidation phase reveals a pattern of higher highs.  Interestingly, similar observations can be made when examining the closing price of each bearish candle near the support band.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From these observations, it is evident that Bitcoin&#8217;s price action has formed a &#8216;megaphone&#8217; pattern. <\/span><\/p>\n<h2><b>Will Bitcoin Crash After This Sideways Trend?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Megaphone pattern projects increased uncertainty and volatility, hinting at a potential trend reversal.  In essence, it forecasts a possible bearish reversal in Bitcoin prices.  However, the lower price rejection in Bitcoin prices suggests a potential bullish revival.  This could lead to a new swing high within the consolidation phase, or possibly even a bullish breakout.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p><span style=\"font-weight: 400;\">If a bullish breakout does occur, Bitcoin prices could reach a high of $32,957, based on range breakout projections.  Conversely, should prices fail to sustain above the $29,642 mark, Bitcoin could fall as low as $27,925.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>EMAs: <\/b><span style=\"font-weight: 400;\">The Bitcoin price, supported at the 50-day <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bing.com\/ck\/a?!&#038;&#038;p=8b4f740280d16cbdJmltdHM9MTY4OTk4NDAwMCZpZ3VpZD0xOGIwNDlmZC1jOGVhLTYxN2EtMDhiMi01YjRkYzk3MTYwNzYmaW5zaWQ9NTE4Ng&#038;ptn=3&#038;hsh=3&#038;fclid=18b049fd-c8ea-617a-08b2-5b4dc9716076&#038;psq=ema+coingape&#038;u=a1aHR0cHM6Ly9jb2luZ2FwZS5jb20vZWR1Y2F0aW9uL2V4cG9uZW50aWFsLW1vdmluZy1hdmVyYWdlLWhvdy10by1sZXZlcmFnZS1pdC1pbi1jcnlwdG8tbWFya2V0Lw&#038;ntb=1\">Ema<\/a>, hint at a high likelihood of a bullish reversal due to the emergence of a Morning Star pattern.  Furthermore, in the critical view of the daily chart, the 200, 100, 50, and 20 EMAs align in a bullish formation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Relative Strength Index: <\/b>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bing.com\/ck\/a?!&#038;&#038;p=81691af05211b929JmltdHM9MTY4OTk4NDAwMCZpZ3VpZD0xOGIwNDlmZC1jOGVhLTYxN2EtMDhiMi01YjRkYzk3MTYwNzYmaW5zaWQ9NTE4Nw&#038;ptn=3&#038;hsh=3&#038;fclid=18b049fd-c8ea-617a-08b2-5b4dc9716076&#038;psq=RSI+coingape&#038;u=a1aHR0cHM6Ly9jb2luZ2FwZS5jb20vZ2xvc3NhcnkvcnNpLXJlbGF0aXZlLXN0cmVuZ3RoLWluZGV4Lw&#038;ntb=1\">RSI line<\/a> indicates a bearish divergence during the consolidation phase.  However, it finds support at the central line, suggesting a potential upside reversal.<\/li>\n<\/ul><\/div>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA155004\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>From the past 5 years I am working in Journalism.  I follow the Blockchain &#038; Cryptocurrency from last 3 years.  I have written on a variety of different topics including fashion, beauty, entertainment, and finance.  Reach out to me at brian(at)coingape.com                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD155004\">\n<p>    The content presented may include the personal opinion of the author and is subject to market condition.  Do your market research before investing in cryptocurrencies.  The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p>     <!--           <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/category\/price-analysis\/\" class=\"closeArticle2 close-btn\">Close Story<\/a>--><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Published 13 minutes ago Bitcoin&#8217;s been on a seesaw ride for the past month, swinging between $31,500 and $29,650. These levels have proven to be significant with Bitcoin&#8217;s price smacking into and bouncing back from both these levels three times. Even more intriguing? We&#8217;re seeing a &#8216;megaphone&#8217; pattern emerge in this tug of war\u2014a hint [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":126037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-126036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/126036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=126036"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/126036\/revisions"}],"predecessor-version":[{"id":126038,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/126036\/revisions\/126038"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/126037"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=126036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=126036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=126036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}