Bitcoin Price Prediction: BTC/USD Stumbles Below $32,000

Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin Price Prediction – July 17

The Bitcoin price path of least resistance remains below the 9-day and 21-day moving averages as the coin stays below $32,000.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $35,000, $37,000, $39,000

Support Levels: $28,000, $26,000, $24,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD is still struggling to maintain its position above the $32,000 level as its price may see another dive today. The Bitcoin price is in a dangerous position as the price may slip below the nearest support level of $31,000. Therefore, if this breakdown is confirmed, the downside momentum may gain traction with the next focus on $30,000. At the time of writing, Bitcoin is trading below the 9-day and 21-day moving averages at $31,521 with a slight rise of 0.43% on the daily price chart.

Bitcoin Price Prediction: Bitcoin Price May Slump Further

If the Bitcoin price rejects the bullish above the 9-day and 21-day moving averages, lower levels may be tested in a sequence of lower highs and lower lows until prices touch the next critical support level. However,  the market may experience a lot of short-term based trades and a lot of volatility too as the technical indicator Relative Strength Index (14) remains below 40-level.

However, traders are to note that the Bitcoin price may continue to break south in as much as the 9-day MA remains below the 21-day MA, and its failure to hold the current level may pull the price to its next support of $30,000. Therefore, the short-term analysis indicates that BTC/USD may test higher levels with key resistance at $33,000 before a reversal and the potential resistance levels are located at $35,000, $37,000, and $39,000 while the supports lie at $28,000, $26,000, and $24,000 respectively.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

According to the 4-hour chart, BTC/USD is still facing immense turbulence at the time of writing, with sellers forcing its price down to the lows of $31,200. If bulls decide to push the market price above the 9-day and 21-day moving averages, the coin may likely hit the resistance at $32,500 and above.

BTCUSD – 4 Hour Chart

However, it now appears that the cryptocurrency is not that ready for further upside, as the multiple attempts to shatter its $32,000 resistance seem to indicate that bears are building momentum. As the Relative Strength Index (14) crosses above 40-level, any reversal may locate the support level at $30,500 and below.

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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.

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