Bitcoin price forecast – July 21
With Bitcoin priced close to $ 32,000 again, it has done little to reverse the market climate at this point
BTC / USD Long Term Trend: Downward (Daily Chart)
Resistance levels: $ 35,000, $ 37,000, $ 39,000
Support levels: $ 27,000, $ 25,000, $ 23,000
According to the daily chart BTC / USD corrects profits from $ 29,501 and is likely to continue with a new raise as long as there is no less than $ 30,000 nearby. Today, the price of Bitcoin rose steadily above the $ 31,000 resistance level as the coin rises to $ 31,850. Currently, BTC / USD is settling above the 9-day moving average, but has not yet beaten the 21-day moving average.
Bitcoin price forecast: The price of Bitcoin is blowing hot again
Bitcoin price is seen rising and trading above the 9-day moving average as the coin touches a daily maximum resistance level of $ 31,960 as a sign of rising pace. However, the continued growth of the rising impulse may have to raise the price above this level, while the new resistance may be $ 33,000 before it reaches a potential resistance of $ 35,000, $ 37,000, and $ 39,000.
Therefore, if the resistance level of $ 32,000 could not be maintained, it could turn and face a support level of $ 30,000, and an increase in bear pressure could bring the price of Bitcoin below the 9-day moving average and possibly exceed the lower limit. $ 27,000, $ 25,000 and $ 23,000 of the channel’s critical subsidies. At the same time, the signal line of the technical indicator’s relative intensity index (14) moves above 40 levels, indicating a buy signal in the market.
BTC / USD Medium Term Trend: Bear (4H chart)
According to the four-hour chart, the Bitcoin price is seen with more than 9-day and 21-day moving averages of $ 31,883. However, BTC / USD will try to exceed the channel cap and reach the nearest resistance level of $ 32,500, but any descending cross below the 9-day and 21-day MA can bring the coin to $ 31,000 and below. .
However, if the Bitcoin price finds a reasonable resistance level at around $ 32,500, it could start a new uptrend above the channel cap, which is likely to reach a resistance level of $ 33,000 and higher. In other words, the Relative Strength Index (14) of the technical indicator is seen to exceed 60 levels, indicating bullish signals for the market.
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