Bitcoin Price Analysis (BTC) – July 29
The Bitcoin price movement is very fragile at the moment. However, during a short-term breakout, critical support levels must be monitored.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $11,500, $11,700 $11,900
Support Levels: $7,500, $7,300, $7,100
In recent weeks, the price of Bitcoin has fallen as a result of a downward correction of the medium-term bear, which is steadily closing the vital support of $9,000. The market appeared bearish on the daily chart as the Bitcoin price created a double bottom pattern after testing the $9,123 level yesterday. Today, Bitcoin (BTC) saw a slight drop after testing the immediate resistance of $9,721.96, with the selling pressure remaining strong.
However, if the price increases and Bitcoin manages to close well above the $10,000, we could see an upward price explosion, which could reach $11,500. A further increase could also reduce the price to $11,700 and $11,900 levels, a price at which we could begin to consider an upward trend for the market. A break at $7,500 could lower Bitcoin price in long-term supports at $7,300 and $7,100 respectively. The MACD has continued to remain negative, which is a good sign for the continued decline and the RSI remains below the 50-level on the daily chart.
BTC/USD Medium-term Trend: Bearish (4H Chart)
BTC has recently dropped below $9500 and found support at $9,488 but yet to surge above $9,500. In the last 4 hours, BTC has decreased to about 1.98% from its high price level of $9672.72. Bitcoin’s current price is proving how bearish the market is as the coin is even below its 21-day moving average. The coin is trading under selling pressure.
Bitcoin continues to weaken and keeps forming channels down on the chart in 4 hours close to 10 days, while price actions continue to face lower channel support. Bitcoin’s MACD chart is not very volatile, but it just had a bullish cross in the bearish zone. The RSI of the main cryptocurrency is at 40 and shows no end. Bitcoin may face resistance at $10,000 and $10,200, while the nearest support levels may likely be at $8,800 and $8,600 respectively.
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