Bitcoin Price Prediction – July 19
The Bitcoin price comes close to breaking below $30,000 support as bearish sentiment kicks into full speed.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $35,000, $37,000, $39,000
Support Levels: $26,500, $24,500, $22,500
Today, BTC/USD is bearish as the market spikes below the $31,000 level over the past hours and rejects further upside as of now. The Bitcoin price is seen dropping with a total loss of 3.45% since the beginning of the European session. Moreover, the first digital asset may continue to falling in other to touch the $35,000 support level. However, the daily chart reveals that $30,000 is a very important area as it provided strong support for the market.
Bitcoin Price Prediction: Bitcoin Price May Drop More
The Bitcoin price is currently trading below the 9-day and 21-day moving averages at support provided by a rising support trend line of the channel; however, a break above this trend line could cause Bitcoin to head towards the $33,000 level. However, the king coin is currently in a critical position with the next few days dictating the direction that it will head over. Meanwhile, a drop beneath $30,000 could be detrimental to Bitcoin as it could lead the first digital asset towards the supports at $26,500, $24,500, and $22,500.
Moreover, if the buyers make a quick turn from the current level at $30,628, the first level of resistance may be located at $32,000. Above this, further resistance is expected at $34,000. This may likely follow by the potential resistance at $35,000, $37,000, and $39,000 levels. In other words, if BTC/USD breaks below these levels, then the market may be on the verge of turning bullish in the short term. At the moment, the Relative Strength Index (14) is facing the south, indicating additional bearish signals.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
According to the 4-hour chart, the Bitcoin price is sliding below the opening price of $31,786. The coin continues to trade below the 9-day and 21-day moving averages with sellers forcing its price down to the lows of $30,575. Moreover, if the Bitcoin price rebound and push the market price back above the upper boundary of the channel, the coin may likely hit the resistance at $31,500 and above.
On the contrary, it now appears that the first digital asset is at risk of seeing further downside in the near term, as the multiple attempts to shatter its $30,000 support seem to indicate that bears are building momentum. At the moment, the Relative Strength Index (14) nosedives below 36-level and the coin may locate the critical support at $30,000 and below.
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