Price Analysis

Bitcoin (BTC) Slips Below To $9121.44 During The Weekend, Gives A New Weekly Low

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  • BTC slips below its major support level of $9500 during the weekend, marking losses for the investors.
  • BTC price traded as low as $9252.30 yesterday; giving a new weekly low.
  • Currently, falls back in the previous oscillating loop of $9600 to $10,200.

Bitcoin price kept oscillating between $9600 to $10,200 in the last two days before the weekend. But what really happened on the weekend was quite a loss-making to the Bitcoin investors and the loyalists. Bitcoin slid below its major support level of $9500. However, currently, the price has corrected upwards and is trading above $9500. However, the current trading price foresees a risk of either having a rise or a drop towards $10,000 and $9000 respectively.

BTC/ USD Chart:

Bitcoin Price Prediction
Bitcoin Price Chart by TradingView

Bitcoin is currently trading at $9585.61, just above its major support level of $9500. The coin is currently correcting upwards from a sharp dip that happened just before the daybreak of 29th July. That dip led the coin to slip below $9300 and trade as low as $9121.44. Today, the day started with an uptrend, and the coin recovered while correcting upwards.

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As observed from the above chart, the coin had a flat trading yesterday until the sharp dip, and the current trading price is 5% more than the new lowest trading price of the week. Also, important to note that the coin while correcting upwards also went near $9700.

Technical Indicators and BTC Price Prediction:

The current price correction gives a sense of ambiguity about whether the coin will further break down or keep rising. However, if the coin breaks down further it will face support at $9300 and $9000, conversely, if it moves upwards, the key resistance will be $9800 and above which there will be a fair recovery of the losses at $10,000 and $12,200 resistance level.

The MACD of the coin is correcting towards making a positive move.

The RSI of the coin is above 60 and shows a recovering movement.

The current trading price is 10% less than the coin’s 30-day SMA ($10,714.87).

However, if the coin maintains a rising momentum throughout the rest of the year, it is expected to trade around $15,000 to $20,000 by the end of 2019.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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