Bitcoin Price Prediction: BTC/USD Consolidates Above $11,000 as Bulls Battle Resistance at $11,250

Bitcoin (BTC) Price Prediction – July 30, 2020
Following the recent surge of Bitcoin, the king coin has been fluctuating above $10,750 after reaching the high of $11,250 on July 27. The market has taken a breath as price fluctuates between the levels of $10,750 and $11,250.

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

BTC/USD – Daily Chart

On July 27, BTC/USD  rebounded and rallied to $11,379 high. The bulls could not sustain the upward move because the coin reached the overbought region of the market. After a pullback, the crypto resumed a sideways move below the resistance. Today, Bitcoin is trading above $11,000 but it is facing resistance at the $11,250 high. On the upside, the bulls are attempting to break above the support line of the ascending channel. A break above the ascending channel will compel BTC to resume the uptrend. Besides, the market will rise as long as price remains above the EMAs. Bitcoin is trading at level 77 of the Relative Strength Index period 14. The crypto is still in the uptrend zone as price is above the centerline 50. The market has a chance of rising as the coin is above the exponential moving averages.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
For the past four days, BTC has been fluctuating between $10,750 and $11,250 because buyers are finding penetration difficult at the $11,250 resistance. The bulls have retested the $11,250 resistance on three occasions without success. The coin retraces, each time price retests the resistance while the support holds. Nonetheless, the bulls have earlier pushed BTC to $11,379 high during a price rally but price pulled back below $11,250. Presently, BTC is trading above $11,000 at the time of writing. On the upside, a strong bounce above $11,000 will propel price to break above $11,250 resistance.

BTC/USD – 4 Hour Chart

The momentum will extend to the previous high at $11,379. Nevertheless, if the market continues to surge and price breaks this level, Bitcoin will rise and reach the next target at $11,500. Conversely, if price fluctuates and breaks below $10,750 support, BTC is likely to fall and finds support above $10,250. In the meantime, BTC is still trading above $11,000; as buyers  push BTC to the previous highs. Presently, BTC is below 80% range of the daily stochastic. The market has fallen as sellers emerged to push prices down.

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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.