Bitcoin Price Prediction – July 22
According to the daily chart, the Bitcoin price is trading near the resistance level of $32,500 as the recovery comes slowly.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $36,000, $38,000, $40,000
Support Levels: $28,000, $26,000, $24,000
At the time of writing, BTC/USD is seen trading at $32,156 after soaring to $32,381 in the early hour of today’s trading. However, the Bitcoin price is also seen pulling back to where it is currently trading and may likely head downwards if the bears step back into the market.
Bitcoin Price Prediction: The Bitcoin Price Stuck At $32,000
The Bitcoin price is currently moving within the 9-day and 21-day moving averages. On the upside, it is important for BTC/USD to cross above the 21-day MA, otherwise, there may come a bearish breakdown when BTC/USD falls below that barrier. The red-line of the 9-day MA is still very below the green-line of the 21-day MA as the technical indicator Relative Strength Index (14) is moving around 46-level.
However, Bitcoin (BTC) may have to confirm the bullish trend if the market price moves above the previous high of $33,000. Meanwhile, BTC/USD could follow the bearish trend if the price stays below the 9-day MA and probably cross below the lower boundary of the channel. If this occurs, the Bitcoin price may drop to the critical supports of $28,000, $26,000, and $24,000. As the technical indicator Relative Strength Index (14) moves around 46-level, a strong bullish spike may push the price towards the resistance levels of $36,000, $38,000, and $40,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is following a bullish movement as the market keeps pushing higher. However, the intraday trading is still looking bullish while the coin moves close to the upper boundary of the channel, this is due to the recent rebound at $31,736 which is now a key support level. The next key support level is located at $31,000 and below.
Nevertheless, the Bitcoin price may continue the bullish rally to $33,000 resistance and a climb above this level could further push BTC price to the resistance level of $33,500 and above. As it looks now, bulls are returning into the market gradually as the technical indicator Relative Strength Index (14) moves to cross above 60-level.
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