Bitcoin (BTC) Price Prediction – July 26
The Bitcoin price is trading nicely above the $9,900 and the coin needs to climb above this level to continue higher.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,400, $10,600, $10,800
Support Levels: $9,400, $9,200, $9,000
BTC/USD went crazily bullish for almost five days this week. The surge saw the price of Bitcoin rise to levels not reached since last month. For now, BTC/USD is dancing at $9,942.55 after gaining over 3% of its value today. More so, where Bitcoin will go next after the impressive rally this week is likely to depend on the ability of the bulls to hold the price above the key support at $9,800.
Nevertheless, a further retracement seems imminent and it is likely to break below $9,900. Meanwhile, looking at the daily chart, $9,400, $9,200, and $9,000 serve as the major support levels, making room for BTC to fall even further. The technical indicator RSI (14) for the coin is still focusing on the north, suggesting more bullish movements as the 9-day MA signal line is above the 21-day MA.
However, as the daily chart reveals, if the bulls could put more effort and push the price above the upper boundary of the channel, BTC/USD may see another resistance level at $10,200, any further movement could send it to the potential resistance levels of $10,400, $10,600, and $10,800 respectively as the technical levels remain positive.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the bears wanted to step back into the market by bringing the price from $10,149 to $9,806, but the bulls quickly held the support by picking the price from there to where it is currently trading at $9,904 which is above the 9-day and 21-day moving averages. Similarly, the $10,200 and above may come into focus if the coin breaks above the channel.
However, if the price breaks below the moving averages and begins to fall, the support levels of $9,600 and below may be in focus. Meanwhile, as the RSI (14) moves around the overbought zone, more bullish signals may play out before a reversal could come in.