Bitcoin price fluctuates near the $10K level and will resume its uptrend and retest the previous high if the bulls break above the EMAs.
Bitcoin Price Technical Analysis
Yesterday, July 25, Bitcoin (BTC) price was dropping after the resistance at the 12 and 26-day Exponential Moving Averages (EMAs). Today, July 26. the price of BTC is trading at $9,814, at the time of writing, which is closer to the $10,000 mark. This indicates that the Bitcoin price is in a range-bound movement below the EMAs. Hence, we expect BTC price to fluctuate near the $10,000 price level.
On the downside, if the bearish pressure persists, the price of Bitcoin may decline to a low of $9,000 or $9,400 price level. The price of Bitcoin will further decline if the bears test the $9,000 price level and break it. On the bright side, Bitcoin price will resume its uptrend and retest the previous high if the bulls break above the EMAs. In the meantime, the Moving Averages 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 sideways trend. The 12 and 26-day EMA are sloping horizontally. The price of BTCUSD is trading between the levels of $9,600 and $10,100. BTC price is range-bound near the $10,000 level. In the meantime, the MACD line and the signal line are above the zero line which is an indication of a buy signal.
- Resistance Levels: $10,000, $10, 200 ¸ $10,400
- Support levels: $9,000, $8,800, $8, 600
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.