Bitcoin (BTC) Price Analysis – July 12

Azeez Mustapha
  • The EMAs are above the price bars indicating the continuity of the bearish trend.
  • The Bitcoin price will revisit its previous low of $5,893.51 if the support level at $6,000 is broken.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish   

Resistance Levels: $6,200, $6,300,$6,400   

Support Levels: $6,000, $5,900, $ 5,800  

The Bitcoin price is in a bearish trend and if the $6,000 support level is broken, it will revisit its previous low of $5,893.51.

Meanwhile, the 12-day EMA and the 26-day EMA are above the price bars which indicates that the bullish trend is continuing. However, the MACD line and the signal line are below the zero line which indicates a sell signal.

BTCUSD Short-term Trend: Bearish. 

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

The 4-hour chart shows that Bitcoin was in a downward trend which closed at $6,349.60. Later, the cryptocurrency commenced its range-bound movement. Some of the price bars are trending horizontally making it difficult for traders to initiate trades.

Meanwhile, the relative strength index period 14 is level 32 which indicates that the market is oversold and suggests that the bulls will take control of the market.         

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.