Bitcoin Price Analysis - 9th July 2020

in #bitcoin5 years ago (edited)

After more than 1 week of consolidation, Bitcoin has started to steadily increasing and currently it's traded around $9400. The 1-day BTC-USD chart, however shows a downward trend indicating that bitcoin may not go above $ 9500 resistence level.

1a.png

Although, the 2-day chart shows a golden cross fast approaching, and price could rally as a result, however, this may happen after the downtrend on the 1-day chart is broken.

2a.png

Moreover, the 3-day chart also shows a downtrend. Fib levels indicate that bitcoin may find support at $8870 level.

3a.png

Although, some analysts on tradingview.com suggest that an uptrend is likely, I think that unless it breaks the downtrend on the 1-day chart, bitcoin is in downtrend.

DIsclaimer

This is just my personal opinion. Please don't take it as financial advice.