Bitcoin Price Analysis – July 9

Azeez Mustapha
  • Price bars are above the exponential moving averages indicating the rise of Bitcoin price.
  • Price of Bitcoin is retracing from the recent high to test the trend line and to resume its bullish movement.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by TradingView

BTCUSD Medium-term Trend: Bullish

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

Support Levels: $6,600, $6,500, $ 6,400

Last week, the price of Bitcoin was in a bullish trend. Bitcoin price has made higher highs and higher lows while the $6,000 price level was sustained during the week. Bitcoin price reached the high of $6,719.30 on June 8 but retraced to test the trend line.

Traders can initiate long trades if the Bitcoin price doesn't break the trend line. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price bars of Bitcoin are above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing.

BTCUSD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by TradingView

On the 4-hour chart, the price of Bitcoin is in a smooth uptrend. The price bars of Bitcoin are above the 12-day EMA and the 26-day EMA indicating the rise of Bitcoin price. Price of Bitcoin moves with large bullish candlesticks to the higher highs and retraces with smaller candlesticks. Meanwhile, the relative strength index period 14 is level 48, which indicates that price of Bitcoin is the range bound zone.

 

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