Bitcoin Price Analysis – BTCUSD Could Drop to $10,500

In today’s Bitcoin price analysis, if the bearish pressure continues, the BTCUSD will fall to the lows of either $10,500 or $11,000 price level.

Bitcoin price Technical Analysis

In retrospect, Bitcoin (BTC) price tested the $14,000 overhead resistance but was resisted last month. On June 26, Bitcoin price was on a downward correction to the support of the $11,000 price level. The 12-day and the 26-day Exponential Moving Averages  (EMAs) were trending horizontally indicating that BTC price is in a sideways trend.

The price of Bitcoin made an upward move at the $11,000 support level to reach the bullish trend zone. However, the bulls were unable to sustain the price above the EMAs and they were resisted at the $12,500 level. The crypto is now trading below the EMAs which suggests that price is likely to fall.

On the downside, if the bearish trend continues, Bitcoin price will drop to the lows of either $10,500 or $11,000 levels. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates is a buy signal.

BTCUSD Price Short-term Analysis

Looking at the 1-hour chart, BTCUSD price is in a range bound movement below the $12,200 price level. On June 29 and 30, BTC bulls tested the $12,200 resistance level but they, however, met resistance. The price of BTC dropped to the support of the EMAs but in the second instance, the price declined to the support of the $ 11,000 level. The bearish pressure is likely to subside at the $11,000 support zone. In meantime, the MACD line and the signal line are below the zero line which indicates is a sell signal.

• Resistance Levels: $12,000, $12, 200 ¸ $12,400
• Support levels: $11, 200,$11,000, $10, 800

Disclaimer

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.