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Bitcoin Price Prediction: Downtrend Continues as BTC/USD Dives Below $9,347

Bitcoin Price Prediction (BTC) – July 13

Today, the Bitcoin price tumbles below $9,347; No quick recovery seems possible for the coin.

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

Key levels:

Resistance Levels: $10,000, $10,200 $10,400

Support Levels: $8,500, $8,300, $8,100

BTCUSD – Daily Chart

BTC/USD is currently facing a setback for now; this may not be a permanent one as the coin may likely have a bullish run in the short-term but a price rally could help the coin to touch its weekly high. Currently, Bitcoin is trading around $9,250 level after a free fall from $9,347 today. The coin has shown tremendous volatility over the past 5 days.

As of now, Bitcoin is aiming to fall again, but the key support is becoming a threat to the bears. Meanwhile, there are quite a number of technical levels clustered around the current price which means that the coin may be vulnerable to further losses at least as long as it goes below the lower boundary of the channel. After this is confirmed, BTC/USD may drop to $8,500, $8,300, and $8,100 supports if the $8,800 support fails to hold.

However, in the opposite direction, if critical support can continue to provide support for the market, definitely we can expect the Bitcoin price to come back to a resistance level of $9,400 before the market experience a rise far above the 9-day and 21-day moving averages to reach the potential resistance levels of $10,000, $10,200, and $10,400 respectively. The technical indicator stochastic RSI is falling, a further drop may cause the Bitcoin price to fall more but a buying pressure may visit the market soon.

BTC/USD Medium-term Trend: Bullish (4H Chart)

According to the 4-hour chart, with the sudden move of Bitcoin price above $9,300, Bitcoin’s chances of violating the old support of $9,200 now became resistance. The bulls are not out of the wood yet and a break above the –day and 21-day moving averages is needed to invalidate the bearish case as the stochastic RSI is moving below the 65-level.

BTCUSD – 4 Hour Chart

However, a high-volume break above $9,300 would violate the bearish pattern of the highs and shift the risk to a rise of $9,400 and above. In particular, the movement above $9,500 is supported by an increase in buying volumes. In other words, the Bitcoin price could come back to $9,200 within the next few days before reaching another supports of $9,100 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.