Bitcoin Price Prediction Today: Daily (BTC) Value Forecast – July 17
- On the downside, if the bears break the $9,400 price level, the BTC price may fall to the low of either $8,500 or $9,000 price level.
- The BTC coin depreciated again to the low of $9,400 price level.
BTC/USD Medium-term Trend: Bearish
- Resistance Levels: $10,500, $11, 000 ¸ $11,400
- Support levels: $9,500, $9,000, $8, 500
Yesterday, July 16, the price of Bitcoin was in the bearish trend zone. The BTC coin depreciated again to the low of $9,400 price level. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price may still fall. From the $13,000 resistance level, the crypto’s price had been making a series of lower highs and lower lows. Each time the bulls tested the trend line or the EMAs, the coin will depreciate further. A trend line has been drawn to determine the duration of the bearish trend.
A bearish trend is ongoing if the trend line is unbroken. A bearish trend is said to be terminated if price breaks the trend line and another candlestick closes on the opposite of it. On the downside, if the bears break the $9,400 price level, the BTC price may fall to the low of either $8,500 or $9,000 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the BTC price is in a downward trend. The 12-day EMA and the 26-day EMA were trending southward. On July 15, the bulls were resisted at the $11,000 price level and the price fell to the support of the EMAs. The bears broke below the EMAs as the price fell to the support of the $9,400 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates is a sell signal.
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