Bitcoin price will rise and resume its bullish trend if the bulls break above the EMAs and will likely retest the $13,000 resistance level. Gain more insight into the following technical analysis.
Bitcoin Price Technical Analysis
In retrospect, Bitcoin (BTC) price was in a range-bound movement after the downward correction. The price of Bitcoin is now oscillating below the 12 and 26-day Exponential Moving Averages (EMAs). On July 10, BTC bulls met resistance and the price dropped. The bears broke below the EMAs to reach the bearish trend zone. However, the downward trend was corrected at a price of $9,400 on July 16.
At the $9,400 support level, BTC bulls made an upward move but were resisted by the EMAs. The EMAs are flattened, which is an indication that Bitcoin price is in a range-bound movement. On the upside, if the bulls break above the EMAs, BTC price will rise and resume its bullish trend. It is very likely that BTC bulls will retest the $13,000 resistance level.
On the other hand, if the bulls are unable to break above the EMAs, Bitcoin price will continue its range-bound movement above the $9,400 price level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which is an indication of a buy signal.
BTCUSD Price Short-term Analysis
Looking at the 1-hour chart, BTCUSD price is in a bearish trend. The 12 and 26-day EMA are sloping horizontally. On July 20, the bulls also met resistance at the $11,000 price level. As a result, the price declined below the EMAs to a low at $10,300. The bulls pulled above the EMAs to commence a range-bound movement above the EMAs. In the meantime, the MACD line and the signal line are below the zero line, indicating is a sell 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.