$BTC July 14, secondary market outlook analysis

Looking back at yesterday’s overall bearish trend: after the open, price probed down to 1796. It briefly surged to 1848, the day’s intraday high, but the bears took over immediately. From there, the market kept grinding lower with continued consolidation and decline.
In the midday session it fell to 1772, followed by a small rebound to 1792. In the afternoon it was hit again and dumped to 1761. It rebounded to 1785 to end the day, but the rebound strength was weak throughout.

Today’s opening continued the weak trend, with a further slide. The low was probed at 1748. In the early session, a rebound pushed up to 1793—perfectly validating the outlook idea shared yesterday. In the short term, the key suppression level is still the 1800 zone.
Technically, on the hourly chart the Bollinger Bands channel is flat, with relative balance between bulls and bears. In the near term, the market is defined as range-bound consolidation.
Resistance: 1800-1850
Support: 1700-1750