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Bitcoin Price Prediction: BTC/USD Consolidates in a Tight Range, Larger Move Likely Soon

Bitcoin (BTC) Price Prediction – July 25, 2020
Today, the bulls made a partial breaking of the $9,600 resistance as price continues to hover above $9,500 support. As the market continues to sustain above $9,500, a breakout is unavoidable. BTC/USD  has resumed consolidation above $9,500 support.

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

BTC/USD – Daily Chart

On the daily chart, and after the rebound, the market is fluctuating above the $9,500 support. The price action  is represented by small body indecisive candlesticks. These candlesticks describe that buyers and sellers are undecided about where BTC will trend. For the past four days, BTC has continued to fluctuate above $9,500 because of a lack of bullish momentum. This is the reason why the coin is consolidating above $9,500 support. On the upside, if the bulls sustain hold above $9,500, a breakout is possible.

For instance, a breakout above $10,000 will attract buyers waiting on the sideline. This will complement the upward move by pushing price above the $10,500 resistance. This will directly accelerate price movement to reach the $12,000 mark. Conversely, if the bears break below $9,500 support, the anticipated bullish scenario will be invalidated. The price will drop sharply to $9,200 and the selling pressure may continue. Presently, BTC is in the uptrend zone at level 61 of the Relative Strength Index.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, the market is fluctuating between $9,591 and $9,641. The coin is consolidating sideways in the upside range. This tight range is a prelude to an upward move. The price is likely to break out sharply and suddenly out of this tight range. The king coin is above 60 % range of the daily stochastic. The stochastic bands are horizontally flat meaning that price is consolidating. The bullish momentum is insignificant.

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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.