Bitcoin (BTC) Price Prediction – July 29
Bitcoin renews the bullish picture above $11,000; the hurdles at $11,500 must be overcome.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $11,800, $12,000, $12,200
Support Levels: $10,500, $10,300, $6,700
It is safe to say that BTC/USD has been doing well in recent days. The Bitcoin price rose sharply by moving above the $11,000 resistance level against the US dollar. In addition, a crucial uptrend could probably form at the upper limit of the channel and if the decline occurs below the channel, the price could extend its downward correction to the $10,800 level and any other loss could possibly push the price of Bitcoin to the support level of $10,500.
Meanwhile, looking at the daily chart, the Bitcoin (BTC) is still showing a lot of positive signs above the $11,000 and $11,100 levels. However, there are few chances of a downward move towards $10,900 or $10,800. On the upside, we have two strong resistance levels at $11,400 and $11,600. However, a strong bullish spike may take the price to $11,800, $12,000, and $12,200 levels.
Moreover, if the market makes a quick turn to the south, the BTC/USD price may likely see a price cut to $10,800, and should this support fails to contain the sell-off, traders may see a further roll back to $10,500, $10,300, and critically $10,100. The technical indicator stochastic RSI suggests an upward movement for the coin as it stays within the overbought zone.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Taking a look at the chart, we can observe Bitcoin in a 4-hour equilibrium pattern with a clear lower high at $11,312 and a higher low at $10,857. If any of these two levels break, Bitcoin will most likely get a lot of continuation in that direction. Meanwhile, the bulls are definitely the favorite right now.
However, if there are more gains, the $11,400 level is likely to act as a major hurdle in the near term for Bitcoin. So if there is an upside break above the $11,600 resistance, the next stop for the bulls may perhaps be near the $11,800, $12,000, and $12,200 resistance levels as the stochastic RSI is moving out of the oversold region which may give more bullish signals in the market.