Conclusion for today’s Bitcoin technical analysis:
Price closing below ~8883.35 implies lower prices for Bitcoin.
Bitcoin technical analysis for today (July 21, 2019) is carried out on an intraday timeframe (6 hour) candlestick chart. A log scale of the chart shows the bullish trendline drawn for Bitcoin that has been active since March of 2019.
The trendline was successfully tested on April 29, 2019 and again on 17 July 2019 when price reached a low of ~9092.00. These imply higher prices for Bitcoin (BTCUSD).
However, bearish signs that indicate caution for the current uptrend include price reaching a peak of 13,200 before turning downwards, and also the July 14, 2019 break of the internal trendline. Last but not the least providing evidence for a bearish bias is the price channel (tentative) highlighted on the chart.
Price level of support as indicated on the chart is between 9713.57 and 8883.35. A break below the lower boundary of support (8,883.35) which also coincides with the lower boundary of the channel increases the likelihood of a downtrend.
Bitcoin targeting the low 7,000’s on a close below 8,883.35 is therefore highly likely.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.