FX.co ★ Analysis of Bitcoin for July 24, 2019: prices heading towards $9,000

Bitcoin has been quite impulsive and non-volatile with the recent bearish move after breaking below $10,000 area with a daily close. Bitcoin and other cryptocurrencies have come under bearish pressure lately. Therefore, Bitcoin's price slid below $10,000, putting the cryptocurrency's recent bullishness in a counter trend volatility.

Further deterioration of the market sentiment is the possibility that Bitcoin is currently in the process of validating a similar fractal pattern to the one that was formed in the bearish market in 2018. It could mean that the price may visit $8,500 area in the coming days. Meanwhile, some traders have taken this price action optimistically, claiming that it is only a matter of time before bitcoin resumes its crusade to highs. The fundamental and technical indicators suggest Bitcoin may stumble further.

The price of bitcoin is down by more than 30 percent from its 2019 high but the cryptocurrency is eyeing a strong bullish run in the long-term scenario which could surpass the 2017 high and may push towards $40,000 by the end of 2020. As per the current bearish sentiment, the price has every chance of pushing towards $9,000 if the price does not manage to close above $10,000 area by the end of this month.

TECHNICAL OVERVIEW:

The price is currently being held by the dynamic levels like 20 EMA, Tenkan and Kijun lines along the way which also carried the price to breach below $10,000 area. The price is currently pushing higher towards $10,000 area. If it is broken above again, then the further upside pressure towards $10,500 is expected. Otherwise, if the price remains below $10,000 area with a daily close, the bearish bias is expected to continue and may lead the price towards $9,000 before any bullish intervention for counter can be observed.

TECHNICAL LEVELS:

SUPPORT- 9,000, 9,400, 9,500

RESISTANCE- 10,000, 10,500, 11,000, 11,500

CURRENT BIAS- Bearish

MOMENTUM- Non-Volatile