Bitcoin (BTC) Price Prediction: BTC/USD Crashes As Bitcoin Holds above $29,400

Bitcoin (BTC) Gradually Sinks As Bitcoin Holds above $29,400– July 20, 2021

BTC/USD loses crucial support level at $31,000 as Bitcoin holds above $29,400.The breakdown has been confirmed as price retested the $32,400 twice before resuming downward. Today, the bears have broken below the $30,000 support which signals a further downward move.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

Following a successful breaking of the $31,000 and $30,000 support levels, the Journey to the $28,000 support is likely. Bitcoin is consolidating above the $29,400 support after the breakdown. The bulls are not ready to give up their position as the market consolidates above the $29,400 support. Nonetheless, in the middle of consolidation, Bitcoin may encounter a breakdown or a breakout of prices. The $29,400 support has been the historical price level where the bulls buy the dips each time Bitcoin plunges beyond the crucial support level.

On the upside, if BTC’s price rebounds above the $29,400 support, Bitcoin will rally above the $31,000 high. The bullish momentum will extend to the $32,000 high. Conversely, if the bears break the $29,400 support, the BTC price will decline to the $28,000 support. According to the daily stochastic, the market is below the 20% range of the daily stochastic. The king coin has reached the oversold region of the market.

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BTC/USD – Daily Chart

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Meanwhile, Bitcoin is now trading in a tight range as Bitcoin holds above $29,400. Bitcoin will resume an upward move if price breaks above the $30,100 high. Similarly, the king coin will further depreciate if the bears break below the $29,400 support. Meanwhile, BTC/USD is trading in the oversold region as buyers are expected to emerge.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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