Bitcoin Price Analysis – BTC/USD Bullish Potential Forecast

BTC/USD OUTLOOK

  • BTC/USD bearish signals price chart
  • Bitcoin technical outlook still neutral

BTC/USD – UNSATISFIED INVESTORS

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In last week’s Wednesday, the bitcoin rallied to the two-week higher trading at $9,474. Nevertheless, this price declined afterward to close the weekly candlestick with the Doji pattern. This showed the stock market’s indecisiveness at that point in time.

On the other hand, the RSI (Relative Strength Index) hovered around the 50 levels and underscored the weaker bears and weak bulls.

Bitcoin PRICE DAILY CHART

bitcoin

Bitcoin PRICE CHART (June 20 – July 14)

Bitcoin PRICE DAILY CHART (June 20 – July 14, 2020) Zoomed In

On 10 June, the bitcoin rectified the upward trend and ended up trading in the sideways move creating a great set of the lower highs with the higher lows. However, on 28 June, the BTC climbed to a new trading territory from $9,080 to $10,507. It then failed on different occasions to end up slipping in the lower zone. The trend continued on Thursday with the price, closing under the 50-day MA and produced the bearish signal.

A close under the 50-day MA can cause the rally towards the higher end of the territory. Any additional closer over this level might embolden the bulls to nudge the stock market towards the $11,093 mark.

On the other hand, the close under the lower zone of this current trading zone signals that the BTC/USD can fall on the $7,824 and an additional close below this level might inspire the bears to push this market even further to the $6,540 level.

Bitcoin PRICE CHART (June 9 – July 14)

Bitcoin-Forecast-BTCUSD-Price

Last Thursday the bitcoin traded under the uptrend line, which came from 5th July low to trade at $8,927. This signals the bear’s attempts to control the current price action. So, the break under the upside trend line came from 27 June low at about $8,834 will produce the bearish signal. On the other hand, the break over the downside trend line came from the 10th June high trading at about $10,002. This increases the chances of testing the current high end of the trading territory that has been discussed in the chart above.

Therefore, the break below this $8,642 can send this BTC/USD towards the new low at $8,220. This is because the trend over the $9,867 might fuel a rally towards this $10,258. Having said that, the weekly resistance levels and support highlighted in the chart above should be closely monitored. This has been further discussed by Bitcoin Plunges Alongside U.S. Stocks as Coronavirus Infections Rise.

BTC/USD Price Forecast

The price of bitcoin has made an incredible recovery from the lows that were recorded back in March, trading at $3,800. This crash back has been fueled by panic and fear because of the coronavirus pandemic. The financial markets around the globe, including the cryptocurrency market suffered immensely. This recovery was quick and steady until the BTC hit the wall at $10,500 in early June.

The resulting reversal saw the bitcoin start to test levels below $9,000 with the initial $8,800 acting as the key resistance support. Moreover, the 50-week Simple Moving Average (SMA) also held steady, preventing more losses towards the $8,000 mark. Overall, on the uptrend, any attempts to nudge BTC/USD to $10,000 have been affected by the increased pressure to sell. For the next few weeks, bitcoin has traded in consolidation ranging from $9,000 and $9,400 support and resistance, respectively.

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