Bitcoin (BTC/USD) Market Encounters a Resistance Above $20,000
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Bitcoin Price Prediction – July 10
The BTC/USD market encounters resistance closely above the psychological $20,000 line. The trading situation shows price has reached a high of $21,609 and a low of $21,146 at a negative percentage rate of 1.27.
BTC/USD Market
Key Levels
Resistance levels: $22,500, $25,000, $27,500
Support levels: $20,000, $17,500, $15,500
BTC/USD – Daily Chart
The BTC/USD daily chart reveals the crypto-economic market encounters a resistance closely above the logical $20,000 support level. The 14-day SMA trend line is underneath the 50-day SMA trend line. The horizontal line drew at the value-line near below the resistance point indicated by the smaller SMA at $21,895. The Stochastic Oscillators are in the overbought region with the lines conjoined in an attempt to cross back southbound within.
Will the BTC/USD price swing northward back against the 14-day SMA soon?
The swinging back of the BTC/USD price against the resistance point indicated appears dicey at this moment, as the crypto market encounters resistance around the 14-day SMA trend line. Bulls in the pairing trade operations are to exercise extreme caution in exerting new buying orders. An aggressive breach of the $20,000 level will put the price back into a lower-trading spot of around $17,500 so that long-position takers will have to get repositioned afterward to make a come-back.
On the downside of the technical analysis, selling pressures have been garnering around the 14-day SMA trend line. A smaller bearish candlestick is in the making around the trading SMA coupling with a short cross of the Stochastic Oscillators to the southbound within the overbought region. The $21,895 serves as the key resistance point to the declining motion. The overall verdict remains that bears gain the market advantage.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart showcases the crypto-economic market encounters resistance around the $22,500 level. The 14-day SMA indicator has moved northward to conjoin with the 50-day SMA indicator closely over the horizontal line drawn. The Stochastic Oscillators are in the oversold region. That portends the market may face an elongation of range-trading conditions around the space of both the bearish trend line and the horizontal line drawn for some time. Traders needed to exercise more patience.
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