Bitcoin: Price Analysis, July 09

BTC/USD

Bitcoin is leading from the front. It has been sustaining above the 20-day EMA for the past seven days. For the past two days, it has been consolidating near the overhead resistance of $6,953.38.




BTC/USD




A breakout above $7,000 increases the probability of a rally to $7,750, where the BTC/USD pair will face strong selling pressure from the downtrend line and the horizontal resistance.

Once this level is crossed convincingly, a rally to $10,000 should be on the cards.

If the bears reverse direction from the current levels, the virtual currency can form a probable right shoulder of a developing inverted head and shoulders (H&S) pattern as long as the dip remains above $6,250.

We recommend to hold the long positions initiated at $6,650. Our bullish view will be invalidated if the cryptocurrency breaks below $5,900.

One thought on “Bitcoin: Price Analysis, July 09

  1. That’s a wise answer to a tricky qutiosen

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