Bitcoin Price Medium-term Trend: Bullish
Resistance levels: $8,200, $8,300, $8,400
Support levels: $7,900, $7,800, $7,700
Yesterday, July 23rd, the Bitcoin price was still in a bullish trend. The cryptocurrency had a bullish breakout at the $7,700 price level as it makes attempt to reach the highs of $8,500 and $9,000. However, the bulls may likely face resistance at the $9,000 price level but if that level is broken, Bitcoin price will likely reach the $10,000 price level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Nevertheless, if price retraces from the recent high and tests the trend line traders should initiate long trades. Also, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing.
Bitcoin Price Short-term Trend: Bullish
On the 4-hour chart, the Bitcoin price is in an uptrend. The Fibonacci tool is used to initiate long trades in a trending market. The principle behind the Fibonacci tool is that if price retraces from the recent high it will find support at one of Fib. retracement levels of 0.236, 0.382, 0.50 and 0.61. For instance, if you are following the uptrend, you can initiate long trades at the levels of 0.236, 0.61 and 0.786.
Meanwhile, the RSI period 14 is level 78 which indicates that the market is overbought suggesting bears to take control of the market.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
