Bitcoin Price Prediction: BTC/USD Begins Holding Bottoms for a Potential Relief Rally

Bitcoin (BTC) Price Prediction – July 18, 2020
The recent volatility has made price movement to be rather slow. After the rejection at the $9,300 resistance, BTC gradually dropped to $9,026 support. Bitcoin bulls are still defending the $9,000 to $9,200 support. Today, BTC/USD  has corrected upward to $9,145 after the recent downtrend.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Following the recent downward move to $9,026 low, price corrected upward to $9,145 at the time of writing. The holding of the $9,000 and $9,200 support implies that Bitcoin will resume the upside range trading. The current support is crucial to the upside range trading. At first, the $9,000 to $9,200 support must hold. Secondly, buyers must clear the $9,300 and $9,400 resistance. This will accelerate the price movement between $9,300 and $9,800 to retest the $10,000 overhead resistance. However, because of the recent development and low volatility, the upside range trading is doubtful.

It is most likely that price movement on the upside is not possible, but a breakout is possible. On the downside, a breakdown is also possible. This is because Bitcoin is experiencing a period of stagnancy in price movement. Meanwhile, the 12-day EMA and the 26-day EMA are horizontally flat indicating that price is consolidating. The market is in choppy price action as the candlesticks are neither above nor below the EMAs. Meanwhile, the king coin has fallen to level 46 of the RSI period 14. The crypto is now trading in the bearish trend zone..

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4 hour chart, BTC gradually falls to the $9,026 low and makes an upward correction. The coin moves up but it is facing resistance at $9,200. The market may gradually fall because the coin is in the bearish trend zone. Alternatively, because of the low volatility, price will fall and consolidate sideways. Meanwhile, the market has risen to 60% range of the daily stochastic. It indicates that BTC is in a bullish momentum.

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      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.