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Blocksmith Says: BTC Stuck at 20K Mark

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Bitcoin’s price continues to drift lower within what still looks like a base formation. We talked about the importance of the 18 June low in Ethereum in yesterday’s note and although we looked at a chart quite similar to the one shown here recently its worth revisiting the Bitcoin near-term chart.

Its price is still well within the range of the bullish engulfing candle and these two very wide days with the up session completely enveloping the prior down session should act as a barrier. The preferred view is that Bitcoin toys with the US$20,000 handle for a while longer..