BTC/USD Medium-term Trend: Ranging
Resistance Levels: $10,000, $10, 200 ¸ $10,400
Support levels: $9,000, $8,800, $8, 600
Yesterday, July 23, the price of Bitcoin was falling after the resistance at the 12-day EMA and the 26-day EMA. On the downside, if the bearish pressure continues, the price may reach a low of $9,000 or $9,400 price level. Nevertheless, the price of Bitcoin will further depreciate, if the bears test the $9,000 price level and break it. Meanwhile, the crypto’s price is below the EMAs which indicates that price is likely to fall. From the chart, the 12-day EMA and the 26-day EMA are horizontally flat like a single line. This indicates that the BTC price will be in a range-bound move. The coin will fall either to the low of $9,000 or $ 9.400, then fluctuates below the EMAs but the $9,400 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the BTC price is in a bearish trend. The 12-day EMA and the 26-day EMA are sloping smoothly southward. The crypto’s price is below the EMAs as the price fall to the previous low. The BTC price is trading at $9,637 as at the time of writing. Meanwhile, the MACD line and the signal line are below the zero line which indicates is a sell signal.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.