Bitcoin price will resume another bullish trend to retest the $13,000 overhead resistance if the bulls break the EMAs. What more? The following technical analysis explains.
BTCUSD Price Chart
In retrospect, Bitcoin (BTC) price was trading in the bearish trend zone after the $13,000 overhead resistance. The bears broke the 12 and 26-day Exponential Moving Averages (EMAs) to reach the bearish trend zone. On July 16, the downward trend was corrected at the support of the $9,400 price level. On July 17, BTC bulls made an upward move to break above the EMAs but they met resistance and the price dropped to the previous low of $9,400.
The previous low of $9,400 was well supported as BTC bulls made another attempt at the EMAs. On the upside, if BTC bulls break the EMAs, Bitcoin price will resume another bullish trend to retest the $13,000 overhead resistance. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which is an indication of a sell signal.
BTCUSD Price Chart
Looking at the 1-hour chart, BTCUSD price is in a sideways trend. After the downward trend correction, the price of BTCUSD declined to a low of $9,400 price level. On July 27, this previous low was revisited after the resistance at the $10,100 price level.
BTC bulls met resistance and the price declined to the previous low of $9,400. BTCUSD price is now ranging above the $9,400 price level for a possible bullish trend. In the meantime, the MACD line and the signal line are below the zero line, indicating a buy signal.
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.
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