Bitcoin (BTC) Price Analysis—$9,400 Is Bulls' Nearest Target

Price Predictions
Wed, 07/15/2020 - 14:04
Denys Serhiichuk
Can traders expect volatility increase of Bitcoin (BTC) by week's end?
Bitcoin (BTC) Price Analysis—$9,400 Is Bulls' Nearest Target

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The cryptocurrency market keeps growing; however, the growth has not applied evenly to all coins. While Bitcoin Cash (BCH) keeps trading in the red zone, Chainlink (LINK) and Cardano (ADA) are hitting their local peaks.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Market capitalization has been influenced by bulls impacting the index, which has risen by about $2 bln in the last 24 hours.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The current Bitcoin data are stacking up this way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $170,283,843,660

  • Price: $9,237.70

  • Volume (24h): $15,741,106,095

  • Change (24h): 0.27%

The data are current at press time.

BTC/USD: Is the price blast to $9,400 going to happen this week?

Yesterday morning, the price of Bitcoin (BTC) was still under pressure from sellers, but sales volumes began to decline. In the morning, the price indicated a local minimum at $9,095. In the afternoon, a recovery started, which by the end of the day lost momentum at the level of the Point of Control indicator line ($9,278).

BTC/USD chart by TradingView
BTC/USD chart by TradingView

At the Asian session, it was not possible to continue the recovery. The pair could not overcome the POC line and got stuck in a narrow sidewall at the level of average prices. If the two-hour EMA55 keeps the pair from slipping into the zone of yesterday's low, today buyers may try to break through the resistance of $9,300. A successful break would lead to a retest at $9,440.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) is showing one of the least volatile weeks in recent memory. The trading volume keeps declining, and it is not clear which way the breakout might go.

Related Most Bitcoin Holders Taking Bitcoin to Their Graves If Its Price Doesn’t Break Above $10,000
Related
Most Bitcoin Holders Taking Bitcoin to Their Graves If Its Price Doesn’t Break Above $10,000

If buyers fix above $9,300, there is a good chance that the $9,800 mark will be achieved. In case of bearish price action, a fixation below $9,000 would be a signal of crucial support at $8,630.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

A narrow trading range has formed on the 15-minute chart with support at $9,160 and an upper border of $9,300. All attempts of the price of Bitcoin (BTC) to rise above $9,360 were unsuccessful. Similar false exits from the sidewall previously ended with the formation of new lows. The most likely mid-term scenario is a fall to $8,500 and the formation of a new trading range between $8,500 and $9,000.

Bitcoin is trading at $9,228 at press time.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.