- The market appeared bearish on the daily chart as Bitcoin price made a double-bottom pattern after testing the $9100 level yesterday.
- Bitcoin has seen a slight drop after testing the immediate resistance of $9750 as selling pressure may continue heavily.
Over the past few weeks, Bitcoin’s price has been rallying down as a result of mid-term bear correction which is gradually closing the vital support of $9100 as we have explained in our previous Bitcoin’s analysis. However, the bears have continued to strike at the mentioned essential price level.
The weekend surge repeated a two weeks’ history at the $9100 level before it was rejected. Now that price has retested the $9750 on a retracement; we can expect heavier sell-off to immediate supports level if the buyers turn weak and inactive. A daily candle close above the $9800 may welcome the bulls back to $10k.
Bitcoin’s Current Statistics
Trading Price: $9600
Market Capitalization: $171,108,658,542
Trading Volume: $14,633,155,072
Key resistance levels: $9750, $10000, $10200
Key support levels: $9300, $9100, $8800
Bitcoin (BTC) Price Prediction for July 29, 2019
Still flagging, Bitcoin is maintaining 35 days falling channel formation on the 4-hour chart as the price actions continue to face the lower channel’s support.
After last Saturday’s sudden drop, Bitcoin’s price resurged to the $9300 and $9100 critical supports we pointed out in yesterday’s analysis, a few minutes after. The $8800 remains intact for the coming bear surge.
However, the $9100 bounced again as the market rapidly recovers to $9750. As of now, Bitcoin is priced at around $9600.
If price upsurge and Bitcoin manages to close well above the $9800, we may see a bullish price explosion to $10k. A further surge could as well bring the price back to $10200 where we may start to consider a bull-run for the market. A break at $8800 support may roll Bitcoin’s price to a long-term supports at $7500 and $6500 – where the surge began in early April.
Bitcoin’s price movement is very fragile at the moment. On a short-term breakout, however, there’s a need to keep an eye on the critical level of $9100 from below and $10200 from above. Once BTC/USD pair crosses either of the above price levels, we can expect the market to follow the break direction.
Technical Indicator Reading
The MACD has continued to remain in the negative, which is still a good sign for bearish continuation.
RSI is still below the 50 on both the daily and 4-hour time frame, although the weekly RSI is still pretty bullish for Bitcoin. If the 50 level can suppress selling pressure on the weekly RSI, Bitcoin will bounce back higher.
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.