Bitcoin Rallies above $9,500, Builds Strength on Market Surge

Jul 23, 2020 at 09:54 // News
Coin Idol
Bitcoin price reached a high of $9,457

Updated: The king coin rebounded twice after days of tight consolidation. BTC price was earlier narrowed between $9,100 and $9,200 as price consolidation reached its peak level.

Yesterday, July 22, the coin rebounded as the price reached a high of $9,642. In recent times, the $9,200 support has been holding for the upside range trading. Nevertheless, the recent rebound has reached the overbought region of the market. There is a likelihood of price retracement as the coin reached the overbought region of the market.  

The uptrend will resume after the initial retracement. Bitcoin upward move is likely as long as the $9,200 support holds. Besides the $9,300 and $9,400 resistances have been breached. This will pave the way for price fluctuation between $9,300 and $9,800 to retest the $10,000 overhead resistance. In the meantime, the bulls are still battling the resistance at $9,800. BTC will drop to $9,200 if the bulls fail to break the $9.800 resistance. 

Bitcoin indicator reading

After the rebound, the price bars are above the EMAs as the market poised for another upward move. The 12-day EMA and the 26- day EMA are sloping horizontally depicting the previous range bound movement. The coin is in a bullish momentum as it is above the 70% range of the daily stochastic. 

BTC chart.png

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

What is the next direction for BTC/USD?

Bitcoin has resumed trending upward after days of tight consolidation. The bulls have cleared the $9,300 and the $9,400 resistance.  There is the likelihood of price fluctuating between $9,300 and $9,800 until the $10,000 overhead resistance is retested or breached. BTC will return the previous consolidation if the current resistance is not breached.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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