BITCOIN (BTC/USD) Price May Break Up the Resistance Level of $10,171
After the pullback, the Bulls may push up the coin to penetrate the $10,171 - $10,900 levels and target $12,951 price level.
Published on Thursday August 1, 2019
BITCOIN (BTC) Price Analysis – August 01
BTC/USD MEDIUM-TERM TREND: BEARISH
Resistance Level: $10,171, $10,900, $12,951
Support Level: $8,884, $7,222, $5,630
Bitcoin price is bearish on the medium-term outlook. The Bitcoin price retested the resistance level of $12,951 on July 09; that is the level reached on June 26. A bearish engulfing candle pattern formed at the same level; this is a bearish reversal candle pattern which triggered the Bears’ momentum. The price dropped to the $8,884 on July 17 after it penetrated downside $10,900 level. It pulled back shortly, to retest the broken level of $10,900 before the bearish movement continuation. The price is currently consolidating within $10,900 and $8,884 price level.
The Bitcoin price has crossed the two EMAs downside and it is trading below 50 periods EMA and 21 periods EMA in which the latter is attempting to cross the former downside to establishing the bearish trend. Nevertheless, the Stochastic Oscillator period 14 is at 30 levels and the signal lines bending up to indicate a buy signal.
After the pullback, the Bulls may push up the coin to penetrate the $10,171 - $10,900 levels and target $12,951 provided the resistance level of $10,900 does not hold. In case the just mentioned level holds, the price may continue to consolidate.
BTCUSD Short-term Trend: Bullish
BTCUSD is Bullish on the short-term outlook. The Bullish momentum has pushed the coin to cross over the two EMAs upside. The price is heading toward the resistance level of $10,171. In case the Bulls were able to break up the resistance level of $10,171, the next target will be the resistance level of $10,900.
The BTCUSD is trading above the 50 periods EMA and 21 periods EMA. Meanwhile, the Stochastic Oscillator period 14 is at 80 levels with the signal lines pointing upside to indicate a buy signal.