BTC Continues To Surge Low As Sellers Gain Momentum, $9k Is Important
Bitcoin (BTC) Price Analysis – July 1
The past few days of trading has subjected the Bitcoin market to experience a bearish scenario due to the significant price drop in the market. The cryptocurrency is now moving closer to $9000 after confirming a break-down at the $10,500.
BTC/USD Long-term Trend: Bearish (1D chart)
Resistance levels: $12000, $13000
Support levels: $9000, $8500
For the past few months, Bitcoin trading has been respecting the blue 50-day MA as the market currently test the yellow 21-day MA at $10,200, the currency trading price of Bitcoin. A notable break below the yellow line could bring the token to strong support at $9000, where the blue line lies. Below the mentioned support, ETH bears may further locate support at $8500 and below.
As pictured on the 4-hours MACD, Bitcoin is about to see another bearish move in the market. For a bullish continuation, the buyers need to show a strong reaction to send the price higher to $12000, $13,000 and $14,000 resistances. Still, the market is rising on a short-term bearish scenario.
BTC/USD Medium -term Trend: Bearish (4H Chart)
In the medium-term, Bitcoin’s price has witnessed a significant drop in the past five days, amounting to about 25% loss. The 4-hours MACD which is about to see a cross-down, the moving averages are now sloping downward as the price action breaks down. However, the bears are gaining control of the market.
Following the recent $10500 break, which has been acting as a strong level for a while now; Bitcoin may further move at the $9,500, $9,200 and $8800 supports. The 4-hours MACD has now seen a downward move to the negative zone. If the market retraces, the bulls may find levels at the $11,000, $11,500 and possibly $12,150 resistance.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Back to the list