Bitcoin price had been hovering above the $9,400 price level in the past 3 days. Will the BTCUSD pair resume its upward trend? Gain insight into the following technical analysis.
Bitcoin Price Technical Analysis
Bitcoin (BTC) price was in a bullish trend yesterday, July 18, as it had been hovering above the $9,400 price level in the past 3 days. The price of BTC made an upward move to break above the 12 and 26-day Exponential Moving Averages (EMAs) but the bulls met resistance at the 26-day EMA. On the upside, if the bulls break above the EMAs, Bitcoin price will rise and resume its bullish trend.
There is a possibility that the bulls will retest the $13,000 resistance level. Nevertheless, if the bulls are unable to break above the EMAs, BTC 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 has resumed its upward move above the EMA. The 12 and 26-day EMA are pointing northward, which suggests that price is rising. The price of BTCUSD has earlier declined to the lows of $9,200 and $9,400 on July 17 and 18 respectively before breaking above the EMAs.
In the bullish trend zone, the price rose to $10, 800 price level but the bulls were resisted. BTCUSD price has dropped and it is trading below the EMAs. In the meantime, the MACD line and the signal line are above the zero line, indicating 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.