Bitcoin Price Prediction: BTC/USD Touches $32,450 Resistance

Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin Price Prediction – July 18

The Bitcoin price now manages to hold onto the critical support level of $31,125 once again.

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 may likely experience a bull run in the coming sessions with their upside price targets lurking anywhere between the most important $30,000 and $35,000 resistance levels. However, Bitcoin typically retreats after testing the 9-day moving average to touch the line. Later, the cryptocurrency breaks bullish towards the 9-day moving average where we can call a support base before retracing its move upward to where it is currently trading at $31,613.

Bitcoin Price Prediction: Bitcoin Price Approaches Consolidation

In the past 24 hours, the Bitcoin price has been fluctuating between $31,000 and $35,000 levels. Looking at the daily chart technically, these two levels may determine the next direction that the coin will follow. On the other hand, BTC/USD may decline if the $31,000 support is broken while the price may rise if the $34,000 resistance is breached.

Moreover, sellers may take advantage to break the support level of $31,000 should in case the bulls fail to keep the price above the 9-day and 21-day moving averages. Meanwhile, the technical indicator Relative Strength Index (14) keeps moving in the same direction below the 40-level, indicating that an indecisive market movement. The resistance levels could be found 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: Ranging (4H Chart)

The Bitcoin price is seen trading around $31,701 resistance level according to the 4-hour chart. BTC/USD is hovering slightly above the 9-day and 21-day moving averages after a reversal from $31,125. Meanwhile, the 4-hour chart reveals that the bullish supply may come into the market as the bears try to drag the price down. Therefore, if the buyers could energize the market, they can push the price to a $32,000 resistance level.

BTCUSD – 4 Hour Chart

However, breaking the mentioned resistance could also allow the bulls to test the $32,500 and above. Meanwhile, the Relative Strength Index (14) is currently moving around 45-level, but any bearish movement may likely reach the support level of $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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