Bitcoin price forecast – July 21
The price of Bitcoin finally broke its all-time record of $ 31,000, rising above the $ 32,000 level.
BTC / USD Long Term Trend: Downward (Daily Chart)
Resistance levels: $ 36,000, $ 38,000, $ 40,000
Support levels: $ 26,000, $ 24,000, $ 22,000
BTC / USD follows an ascending movement and there seems to be nothing to prevent it from reaching a higher level. After a stormy trading day, the coin has just painted a new height for this week as it is currently trading at $ 31,638. The price of Bitcoin rose more than $ 32,000 as the market remained within 9- and 21-day moving averages.
Bitcoin price forecast: Is the BTC price ready upside down?
The daily chart reveals that Bitcoin price intends to move above the 9-day and 21-day moving averages to exceed the channel cap when the price generates a new upward signal. With a matter-of-fact look, the long-term outlook for the market now favors bulls, with daily closing yielding a large rising candle where eyes were now set on daily resistances of $ 36,000, $ 38,000 and $ 40,000.
However, a possible rejection at current levels could lead to a fall in critical support below the 9-day and 21-day moving averages. If the BTC falls and touches the lowest level of support of $ 30,000, the coin can rely on long-term support levels of $ 26,000, $ 24,000 and $ 22,000. In addition, the technical indicator Relative Strength Index (14) now exceeds 40 levels, indicating rising signals.
BTC / USD Medium Term Trend: Bear (4H chart)
According to the four-hour chart, the price of Bitcoin is seen to touch a daily high of $ 32,825. However, today’s price change is most impressive as it rises above the long-awaited $ 32,000 resistance level with a sharp rise. More, the price of Bitcoin now maintains its bull frequency above $ 31,500 as the relative strength index (14) moves above the 55 level.
On the other hand, BTC / USD may decide to move down if the bulls failed to raise the price again. Therefore, a coin can break below the 9-day and 21-day moving averages and reach a second refund of $ 30,500 or less. However, if the bulls find a reasonable resistance level of about $ 32,500, the coin may continue to rise above the channel at a resistance level of $ 33,000 and above.
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