Bitcoin (BTC) Price Analysis – July 4
The quick correction has slipped the price of Bitcoin to $9700 low after plunging from the $14000 in the past few days. Now, Bitcoin has rebounded and has brought trading to around $11890. We can expect a more positive movement in the next few days of trading.
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $13000, $14000
Support levels: $10500, $9700
The quick rise to $12000 as occurred in the market yesterday was attributed to the bulls activeness in the past hours of trading, throwing 20% back to the marker after plunging to $9700 We can now say Bitcoin is done with correction. As BTC now trades around $11870 (Bitstamp), a further push might lead the market to $13000 and $14000 resistance.
In case of a bearish continuation, Bitcoin’s price is expected to fall back to the previous levels $10500 and $9700 from where the correction last. But a critical look on the daily chart has shown a positive sign after forming a bullish pin bar. The daily RSI has seen a rebound at the 50 level. A bullish crossover is about to be seen on the daily Stochastic RSI as well.
BTC/USD Medium -term Trend: Bullish (4H Chart)
The market bounces back to the upper channel boundary around $11700, yesterday and Bitcoin eventually a broke up the channel, which raised the price to $12000 before the slight drop. Bitcoin has now signaled a bullish rally, likely to meet resistance at $12500 and $13000 if pressure rises. In fact, the 4-hours RSI is now rising up.
From the market structure, we can say the bulls have regained the control of the market. Before the positive climb start, BTC is likely to retrace to the break level around $11700 where it consolidated. Should Bitcoin drops below this consolidation area, the price may find support at $10500 and $11000 levels. On the 4-hours Stochastic RSI, Bitcoin is ready to retrace to close support.
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