- 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 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.
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.