Bitcoin (BTC) Price Prediction – July 19, 2020
After the recent downward move to $9,026 low, price corrected upward and has risen to $9,200. To test the upside range trading, the bulls must break the resistance at $9,200. A bearish scenario will follow if the bulls face rejection at $9,200 resistance. A bullish scenario will ensue when the bulls overcome the initial resistance at $9,200.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
At the time of writing, buyers are testing the $9,200 resistance. Assuming the bulls overcome the resistance at $9,200, the price will accelerate to clear the resistance at $9,300 and $9,400. The bullish scenario will continue when the bulls clear the resistance at $9,400. BTC/USD will resume its upside range trading if the volatility comes to normalcy. In the bullish scenario, price will fluctuate between $9.300 and $9,800 before retesting $10,000 overhead resistance. On the upside, price will accelerate once the bulls overcome the $10,500 resistance.
Conversely, if the bulls fail to break the $9,200 resistance, a bearish scenario will follow. Bitcoin may face rejection at $9,200. The current support at $9,000 will also crack. BTC will drop to its first support at $8,800 or $8,900. However, if the $8,600 support cracks, price will drop sharply to $8,130 or $8,200.The king coin has fallen to level 47 of the RSI period 14. The market is trading in the bearish trend zone.
BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, Bitcoin has risen and retested the $9,200 resistance. This resistance will partly determine the upside range trading. It is most unlikely for the coin to resume the upside range trading. This is because the bulls are facing rejection at the $9,200 but the support is holding. The king coin will encounter a bearish scenario if it faces rejection at $9,200 and at the same time, the current support fails to hold. In the meantime, the current support is holding despite the resistance at $9,200.