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Bitcoin Price Analysis BTC / USD: Bears Going For Broke

The situation is critical, with only one key support left

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  • Bitcoin has a bearish short-term outlook, with the BTC / USD pair trading below its 200-period moving average on the four-hour time frame
  • The four-hour time frame shows that bears are close to invalidating an inverted head and shoulders pattern
  • The daily time frame shows that the BTC / USD pair could see substantial selling if the $9,650 level is broken

Bitcoin / USD Short-term price analysis

Bitcoin has a bearish short-term trading outlook, with the BTC / USD pair slipping below its 200-period moving average on the four-hour time frame for the first time since early June 2019.

The four-hour time frame is showing that BTC / USD bears are close to invalidating a bullish inverted head and shoulders pattern, following a strong technical rejection from the $12,000 level.

Key short-term technical support is currently located at the $10,000 and $9,650 levels.

SIMETRI Research

Technical indicators on four-hour time frame are bearish and continue to issue strong sell signals.

 

BTC H4 Chart July 15, powered by TradingView
BTC / USD H4 Chart by TradingView

                                                                                

Pattern Watch

Traders should note that the BTC / USD pair could drop towards the $7,000 support level if the bullish inverted head and shoulders pattern is invalidated.

Relative Strength Index

The Relative Strength indicator on the four-hour time frame is bearish, although it has now reached oversold territory.

MACD Indicator

The MACD indicator on the four-hour time frame is bearish and continues to generate a strong sell signal.


Bitcoin / USD Medium-term price analysis

Bitcoin has a neutral medium-term trading outlook, with the BTC / USD pair undergoing a technical shift on the daily time frame.

The daily time frame is showing sellers are starting to take back control of price action, with the BTC / USD pair unable to make important higher highs. The mentioned time frame is also highlighting that a sustained breach of the current monthly trading low is likely to trigger further heavy selling.

Key upcoming technical support below the current monthly trading low is located at the $8,8000 and $8,000 levels.

Technical indicators on the daily time frame are bearish and show scope for further downside.

 

BTC Daily Chart July 15, powered by TradingView
BTC / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that a bearish double-top pattern formation is currently in play on the daily time frame.

Relative Strength Index

The Relative Strength indicator on the daily time frame has turned bearish and is currently issuing a strong sell signal.

MACD Indicator

The MACD indicator on the daily time frame is bearish, with both the MACD signal line and histogram issuing strong sell signals.


Conclusion

Bitcoin is now under technical selling pressure across both time frames, with the absolutely critical $9,600 level of support to watch over the coming trading sessions.

The breach of the BTC / USD pair’s 200-period moving average on the four-hour time frame is another significant technical development, underscoring that bears are now calling the shots.

 

Bitcoin was the first of our coin guides, and is also our highest-rated deep research project.

 

Bitcoin Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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The Analyst Team
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