- The bears are steadily pushing Bitcoin’s price to the $9100; critical technical support for the market
- BTC is still trading in a mid-term descending channel pattern with a current indecisive outlook
- More drops are expected as Bitcoin’s price plunges towards the mid-term ascending trend line.
The 6% quick drop in Bitcoin’s price has made the market to record a 24-hour low of $9296 on Bitfinex after trading around the $10200 early yesterday.
Meanwhile, the bear surge has now positioned the market in a squeeze, causing the market to remain subdued with price action on the hourly chart. After testing the above low price, Bitcoin has sharply drawn back and slowly heading towards the $9750 resistance. However, we can say the market is in a consolidation mode on the lower time frame. The next surge may bring us to $9100 as we have stated in our previous Bitcoin’s analysis.
Bitcoin’s Current Statistics
Trading Price: $9539
Market Capitalization: $170,223,587,328
Trading Volume: $12,391,596,740
Key resistance levels: $9750, $10000, $10200
Key support levels: $9300, $9100, $8800
Bitcoin (BTC) Price Prediction July 28, 2019
As appeared on the daily chart, Bitcoin’s price is approaching ten weeks ascending trend line where the market is likely to rebound for a bullish continuation. Following the short-term bearish scenario; the next level of supports for Bitcoin lies at $9300, $9100 and $8800.
Today, the BTC dominance is 64.5% as the market cap continue to remain below $27 billion for the past few days, revealing the bears’ action in the market.
If the market can find mid-term support between the ranges of $9100 – $8800 area, we can then expect insane price growth to the $13000 and beyond. For now, there’s a need for a clear cross above the technical resistances of $9750, $10000 and $10200 before we can start to consider a bullish surge in Bitcoin’s price. Another thing to consider is the trading volume, which has been substantially and significantly low over the past weeks.
Conclusively
So far, the bears have been gaining control since the market printed $13770 on June 25 due to an inactive bullish action which has turned out weak to further power the market. However, it’s essential to keep to the downtrend until we see a technical bullish reversal possibly at the $9100 – $8800 zone.
Technical Indicator Reading
MACD has continued to trend downward with a recent bearish crossover signal for Bitcoin price. We can expect more bloodbaths in the market.
RSI is now testing the February low after crossing the 46.67 level (marked blue) which has acted as the bulls’ defensive line for the past five months. This is a strong bearish signal for Bitcoin as coming price drop may be severe.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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