Bitcoin (BTC) Price Analysis for July 18
07/19/2023 01:00
Is price of Bitcoin (BTC) ready for local rise?
Is price of Bitcoin (BTC) ready for local rise?
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
The rates of most of the coins keep falling, according to the CoinMarketCap ranking.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has declined by 1.35% over the past 24 hours.
Image by TradingView
On the hourly chart, the rate of Bitcoin (BTC) has made a false breakout of the local support level at $29,736. At the moment, traders should focus on the bar closure.
If it happens near the resistance, there is a chance to see an impulse to the $30,200 zone and above.
Image by TradingView
On the daily time frame, the price of Bitcoin (BTC) is rather more bearish than bullish as the rate is on its way to testing the support level once again. If buyers cannot seize the initiative, closure below the $30,000 area may be a prerequisite for a continued fall to the $29,000 mark.
Image by TradingView
From the midterm point of view, is it too early to make any predictions as neither bulls nor bears have seized the initiative yet. If the situation does not change, sideways trading in the range of $29,000-$30,000 is the more likely scenario for the next few weeks.
Bitcoin is trading at $29,924 at press time.