Bitcoin (BTC) Price Analysis – July 17

Azeez Mustapha
  • Bitcoin price reached the high of $6,700 from its present low of $ 6,163.21.
  • The RSI period 14 is level 74 which indicates that the market is overbought suggesting bears to take control of the market.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend:  Bullish

Resistance levels: $6,800, $6,900, $7,000

Support levels: $6,200, $6,100, $6,000

Yesterday, July 16th, the price of Bitcoin was in a bullish trend. I suggested yesterday that price of Bitcoin would reach the high of $6,700 from its present low of $ 6,163.21, and that traders should look out for buy setups to initiate long trades. Today, the price of Bitcoin has reached the high of the $6,700 price level.

However, if the bulls fail to break the resistance level, the cryptocurrency will resume its range-bound movement and gradually retrace to the support level. Traders should take a short trade at the resistance level if the bears take control of the market. The MACD line and the signal line are below the zero line which indicates a sell signal.

The price of Bitcoin is above the 12-day EMA and the 26-day EMA  which indicates that the bullish trend continues.  

BTCUSD Short-term Trend: Bullish.      

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the price of Bitcoin is in a bullish trend. The price of Bitcoin is above the 12-day EMA and 26-day EMA which indicates that the cryptocurrency is bullish. Despite this, the relative strength index period 14 is level 74 which indicates that the market is overbought suggesting that the bears might 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.