In today’s Bitcoin price analysis, the BTCUSD pair is trading above the 12-day and the 26-day EMAs, which is an indication that it is likely to rise. What can be next expected?
Bitcoin Price Technical Analysis
In retrospect, Bitcoin (BTC) price was on a downward correction on July 1, to the support level of the 26-day Exponential Moving Average (EMA). However, on June 26, BTC price was in a bullish trend as rose to a high of $14,000. On June 27, BTC bulls met resistance was in a downward correction to the support level of the 12-day EMA or to a low at $11,198.
At the support level of the 26-day EMA, BTC bulls pulled above the 12-day EMA to resume its bullish trend. Today, July 8, Bitcoin price is trading above the 12-day and the 26-day EMAs, which is an indication that it is likely to rise.
On the upside, if Bitcoin price is sustained above the EMAs, it will rise to retest the $12,000 resistance level. From the Fibonacci tool, the Bitcoin had been trading in the downtrend zone 0.50 Fib. retracement level. If the bulls are able to break above the 0.382 Fib. line, the price of Bitcoin will be in the continuation zone of the Fib. retracement level. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are above the zero line, indicating a buy signal.
BTCUSD Price Short-term Analysis
Looking at the 1-hour chart, BTCUSD price is in a bearish trend. The 12-day and the 26-day EMAs are sloping downward. On July 3rd, BTC bulls tested the $12,000 price level but met resistance. The bears pulled the price down to the support of the $11,750 and later down to a low at the $10,750 level on July 5. On July 6, BTC bulls pulled above the EMAs to reach the $11,600 resistance level. In the meantime, the MACD line and the signal line are above the zero line, suggesting is a buy signal.
- Resistance Levels: $12,000, $12, 200 ¸ $12,400
- Support levels: $11,250, $11,000, $10, 750
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.