Bitcoin (BTC/USD) Market Makes a Change Of Character to the Upside
Estimated Reading Time: 3 minutes
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Bitcoin Price Prediction – July 18
BTCUSD market makes a change of character to the upside, should the major trendline fail to hold the price in a downward direction, a more bullish breakout will likely ensue.
The 9-day Simple Moving Average (SMA) is currently trending upward, indicating short-term momentum favoring the bulls. The SMA line is positioned at $61,328.44, and the price is well above this level, further confirming the bullish sentiment. Additionally, the Stochastic Oscillator, displayed at the bottom of the chart, shows readings of 91.21 and 90.77, suggesting that the market is in an overbought condition. However, this overbought condition often aligns with strong upward trends, reinforcing the current positive sentiment.
BTC/USD Market Key Levels:
Resistance levels: $73840, $80000, $84000
Support levels: $59530, $56500, $50510
BTC/USD – Daily Chart
The BTCUSD daily chart makes a change of character to the upside.
BTCUSD recently broke through a swing high at around $63800 and is now trading above $65000. This breakout is a bullish Change of Character (ChOCH) signal, indicating a potential shift from a downtrend to an uptrend.
The price movement shows a series of higher highs and higher lows, which are classic indicators of an uptrend. The significant bullish candle that pushed the price above the $63800 level shows strong buying pressure, suggesting further upward momentum.
What are the potential price targets for BTCUSD in the near future?
Looking forward, the bullish trend is expected to continue, with the next major resistance levels to watch being $73840 and $80,000. However, a potential short-term pullback might occur to retest the $59530 support level. Once this pullback is complete, BTCUSD is anticipated to resume its upward trajectory.
BTC/USD – Four-Hour Chart
The BTCUSD four-hour chart shows a bearish outlook, as evidenced by the price failing to break above the $65520 level. The 9-period SMA is at $64750, and the price is hovering just above it, indicating weakening bullish momentum. The Stochastic Oscillator is in a bearish divergence with the current readings at 69.99 and 64.72, suggesting potential downward movement.
Bitcoin (BTC) Current Statistics
The current price: $64900
Market Capitalization: $1,250,000,000,000
Trading Volume: $27,270,000,000
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