Bitcoin Price Prediction – July 21
The Bitcoin price finally breached its previous all-time high of $31,000 and moves above the $32,000 level.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $36,000, $38,000, $40,000
Support Levels: $26,000, $24,000, $22,000
BTC/USD is following the bullish movement and it seems that there is nothing holding it back from reaching the higher level. After a tumultuous day of trading, the coin has just painted a new high for this week as it is currently trading at $31,638. The Bitcoin price spiked above $32,000 as the market remains within the 9-day and 21-day moving averages.
Bitcoin Price Prediction: Is BTC Price Ready for the Upside?
The daily chart reveals that the Bitcoin price is planning to move above the 9-day and 21-day moving averages in other to cross the upper boundary of the channel as the price establishes a new bullish signal. With the look of things, the long-term outlook of the market now favors the bulls, giving the daily close produced a large bullish engulfing candle with eyes now set on the daily resistances at $36,000, $38,000, and $40,000 respectively.
However, any rejection at the current level could eventually lead to declines to the critical support below the 9-day and 21-day moving averages. In case BTC drops and touches the low of $30,000 support, then the coin can rely on the long-term support levels at $26,000, $24,000, and $22,000. Moreover, the technical indicator Relative Strength Index (14) now crosses above 40-level, suggesting more bullish signals.
BTC/USD Medium-term Trend: Bearish (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen touching the daily high at $32,825. However, today’s price move happens to be the most impressive one as it climbs above the long-awaited resistance level of $32,000 with a sharp upsurge. More so, the Bitcoin price is now maintaining its bull-run above $31,500 as the Relative Strength Index (14) moves above 55-level.
On the other hand, BTC/USD may decide to take a downward move if the bulls failed to push the price higher again. Therefore, the coin may breach below the 9-day and 21-day moving averages and could reach another support at $30,500 and below. Nevertheless, if the bulls find a decent resistance level of around $32,500, the coin may continue bullish movement above the channel at the resistance level of $33,000 and above.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider