Bitcoin Price Prediction: BTC/USD Hovers Above $9.7k, Attempts to Breach the Next Resistance Before $10,000

Bitcoin (BTC) Price Prediction – July 26, 2020
Bitcoin bulls have continued to push into the $10,000 overhead resistance zone. Buyers have broken the $9,650 resistance as price rallied above $9,700. The next resistance to retest is the $9,900 price level. This price level will determine whether a breakout will be possible above the $10,000 or not.

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

BTC/USD – Daily Chart

As BTC/USD hovers above $9,700 the market is reaching another overbought region. It is doubtful if price will break the next resistance at $9,900. Nevertheless, if sellers emerge at the overbought region, the coin will be compelled to make a corrective move to the $9,300 support. Thereafter the price will resume a fresh uptrend. That is, the upside range trading will resume as price fluctuates between $9,300 and $9,800 to retest the $10,000 resistance. Alternatively, if the bulls face rejection at the recent high, BTC will make a corrective move to $9,300 support. The king coin will make a further downward move if the $9,200 support cracks.

Assuming, a breakout occurs above $10,000 and the momentum clears the $10,500 resistance, there will be a massive move to the $12,000 price level.  In the meantime, the price is fluctuating above $9,700. Bitcoin is trading in the uptrend zone at level 63 of the Relative Strength Index period 14. It indicates that the market will rise in the bullish trend zone.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, Bitcoin reached a high of $9,754 as price broke the resistance at $9,650. However, the upward move is hampered as price is facing resistance at the recent high.

BTC/USD – 4 Hour Chart

On the downside, if price retraces and breaks below the support line of the ascending channel, the coin will further depreciate to the support of either $9,200 or $9,300. Conversely, if price retraces and finds support above the trend line, the uptrend will resume into the previous highs. Presently, BTC is above 80% range of the stochastic . The market is making a possible upward move in the overbought region.

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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.