Bitcoin (BTC/USD) Market Sets For a Reversal to the Upside
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Bitcoin Price Prediction – July 11
BTC/USD market sets for a reversal to the upside as it consolidates above the $56500 major support. Invalidation of the $63800 high will likely change the market’s sentiment, causing a breakout across the major trendline.
The Relative Strength Index (RSI) is currently at 32.43, indicating that the market is in oversold territory, which often precedes a price reversal. The Simple Moving Average (SMA) for the past nine days is also on the edge of getting broken to the upside. Additionally, Fibonacci retracement levels are crucial, with the 0.618 level at $59460 providing substantial support recently. These indicators collectively point towards a potential upward movement.
BTC/USD Market Key Levels:
Resistance levels: $63800, $73840, $80000
Support levels: $56500, $50510, $44250
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the market is set for a reversal to the upside as it consolidates above the $56500 major support.
BTC/USD has recently tested and bounced off the support level around 55550, which aligns with the 0.786 Fibonacci level. The price has also been in a downward trend since late June, but the recent bullish candle suggests that the downward momentum might be slowing down.
What are the potential price targets for BTCUSD shortly?
The projection for BTC/USD is optimistic, considering the current technical setup. If the price can break above the immediate resistance at the 0.618 Fibonacci level of $59460, it is likely to test the next significant resistance at the 63800 swing high.
Beyond that, the target would be the recent high of $73840. A sustained move above these levels could see BTC/USD aim for the psychological level of $80000.
BTC/USD – Four-Hour Chart
On the four-hour BTC/USD chart, the price has recently broken a previous high at $58450, indicating strong bullish momentum. Immediate levels to watch are around $59530 and $63800.
Bitcoin (BTC) Current Statistics
The current price: $56320
Market Capitalization: $1,200,000,000,000
Trading Volume: $28,380,000,000
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