Bitcoin (BTCUSD) Price Forecast: July 12
The Bitcoin (BTCUSD) price may possibly break up the $31443.67 supply level soon as the coin is slightly in favor of the bulls at the moment. A decisive break below $1956.52 would bring more losses to the coin. However, a daily candlestick above the $31443.67 supply level would invalidate any bearish theory. Therefore, if buyers can put more effort into their tension in the market, a shift in the trend upward to the $35000.00 high value will be achieved.
Key Levels:
Resistance Levels: $28000.00, $29000.00, $30000.00
Support Levels: $24000.00, $23000.00, $22000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
Despite the moves by the short traders, the Bitcoin market remains bullish on the higher time frame. The price bar is seen above the EMA-50, this is due to the high impact from the buy investors.
The high order flow from the bulls in the past few days also added to this bullishness. However, the bulls are now set to increase the trend.
The coin price found a reliable resistance after completing the downside moves at the $30249.99 value as a pullback above the EMA-50 as the daily session resumes today. Thus, it is very likely that the bulls will continue rising as we are seeing a bullish correction in place at present.
Hence, the buying pressure is rising within the range, and a high probability lies for a bullish breakout from the $30249.99 barrier to revisit the $31443.67 previous high.
Similarly, the BTCUSD price may likely continue its journey up north as indicated by the daily stochastic which is pointing upwards in the oversold region of the market.
This means that the selling pressure has ended; we can therefore expect the upcoming bullish correction phase to break up the $31443.67 supply value to hit the high of $35000.00 value soon in its higher time frame.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
The BTCUSD pair is in a bearish momentum in its medium-term view. The price bar can be seen in green slightly below the moving averages which has confirmed its bearish trend.
The trend has just resumed its rising pattern but has not yet reached its goal. The sustained bearish pressure in the past few hours has made the crypto price stay below the supply trend levels in its recent high.
The aggressive move by the bulls pushed the Bitcoin price up to the $30231.71 resistance value below the moving average lines as the 4-hourly chart opens today. Thus, the bullish correction at the mentioned supply value returns the buy investors to the market for the next increase race which might break up the $31443.67 supply level soon.
Currently, the crypto is making a correction, therefore additional effort by the bulls may push the price of BTCUSD up to retest the previous high of $31443.67 supply level which might further extend the coin price to the $30000.00 high trend line in the coming days in its medium-term outlook.
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