Bitcoin Price Analysis (BTC) – July 22
Bitcoin (BTC) ended its longest streak of losses (three longest red candles in a row) in two months over the weekend, but the outlook still remains bearish.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $13,500, $14,000 $14,500
Support Levels: $8,000, $7,500, $7,000
The price of Bitcoin represents a loss today of about 1% in the second half of the session. The pair ran into a chunky supply region with a price range of $10,500 to $11,000, forcing a decline. Given the current bearish pressure, the bears could move towards a new selling pressure below $10,000. BTC/USD failed to sustain gains above $11,000 during last weekend’s breakout out.
Moreover, a retracement from the highs at $11,125 found support at the 50-Day Moving Average allowing for correction above $10,000 but the support levels to watch are $8,000, $7,500 and $7,000 respectively. Bitcoin is exchanging hands at $10,329 at press time. If the price manages to break above the channel, there is a possibility that Bitcoin could surge and reach the resistance levels at $13,500, 14,000 and $14,500.
Both the RSI (14) and the Moving Average Convergence Divergence (MACD) is ranging sideways 49 and 0.0 respectively. If the technicals remain intact, Bitcoin sideways trading will stay between $10,400 and $10,800 before the next leg up towards $11,000.
BTC/USD Medium-term Trend: Ranging (4H Chart)
Bitcoin trades downwards over the last 4 hours, fails to stay above $10,500. Currently, Bitcoin is correcting up from $10,418 and has decreased by 1.53% in the last 4 hours, facing selling pressure at present. Bitcoin price was trading at $10,687 and it remained above $10600.
After that, it kept ranging around $10,600 to $10,500 and then even broke the support level near $10,500. The coin further dropped to $10,456.02 with a decrease of 1.76%. After a minor upward correction, the coin further tumbled to $10,418.85 and then rebounded. After the rebound, BTC is trading at $10,300.
MACD for the coin is less volatile and is indicating a bullish price move as the MACD line is above the Signal line. RSI for the coin is near 45, showing no extremities. Bitcoin may face resistance at $11,500 and $12,000 and support levels at $9,000 and $8,500.
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