Bitcoin Technical Analysis / Crypto Market Analysis

Bitcoin Technical Analysis – 19-July-2024

FxNews—Bitcoin‘s uptrend eased near $66,088, and as of writing, the price dipped to the ascending trendline at approximately $63,202. The BTC/USD pair is currently trading at about $63,780, and the chart below shows the price, key support and resistance level, and the technical indicators utilized in today’s analysis.

The technical indicators in the BTC/USD 4-hour chart suggest that the primary trend is bullish but weakening, and the consolidation phase might extend to the lower resistance levels.

The bitcoin price is above the 50 and 100-period simple moving average, indicating a bullish primary trend.
The awesome oscillator value is 807, declining with red bars, meaning the bearish momentum strengthens.
The stochastic oscillator value is declining with the %K period at approximately 34, meaning the market is not oversold, and the price has room to dip more.
The relative strength index indicator value clings to the median line, a signal for a low momentum market.

Bitcoin Price Forecast – 19-July-2024

The %50 Fibonacci at $62,704 is the immediate resistance, which is also a pivotal price between the bull and the bear market. Zooming into the one-hour chart, we notice the bears formed a shooting star candlestick pattern, a bearish signal, and the price is below the super trend indicator.

Bitcoin Price Forecast – 19-July-2024

If Bitcoin price dips below the immediate resistance, the bearish momentum from the July 17 high at $66,088 will likely extend to test the 50-period simple moving average at $61,572. Furthermore, if the selling pressure exceeds $61,572, the next support level will be at the 38.2% Fibonacci at $60,490.

Bitcoin Price Forecast – 19-July-2024

Bitcoin Bullish Scenario

If the BTC/USD price holds above the %50 Fibonacci at $62,704, the uptrend will likely resume. If this scenario unfolds, the July 17 high at $66,088 will likely be tested again. Furthermore, if the price closes above $66,088, the next resistance level will be 78.6% Fibonacci at $68,060.

Please note that the bull market should be invalidated if the price dips below 50%50 Fibonacci.

Bitcoin Key Levels – 19-July-2024

Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.

Support: $62,704 / $61,572 / $60,490
Resistance: $64,894 / $66,088 / $68,060

Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.