BTC/USD technical analysis, July 8

08.07.2020 11:40:23

On July 6 and 7, the BTC/USD pair was able to show an impressive growth up. The price of Bitcoin was able to rise from the $9100 area to a maximum of $9385. In just a couple of days, BTC/USD was able to overcome the resistance levels of $9200 and $9300. Today, the BTC/USD pair is showing a downward correction and is trading at around $9300 at the time of publication.

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Due to this growth, Bitcoin was able to be above the 100-hour Moving Average and remains there. Also, the price was able to overcome the Fibonacci correction level of 23.6% from the recent decline from $9377 to $9205. A Fibonacci retracement level of 50% now prevents further growth of the BTC/USD pair.

The rise in Bitcoin prices on July 6 and 7 formed an uptrend line, which provides support around $9250 on the hourly chart.

If we see continued growth in Bitcoin prices above the level of $9300, we can talk about the breakdown of the resistance level in the region of $9385 and movement to a new maximum. Further resistance will provide the level of $9400, then $9500. However, close to the $9400 level, the BTC/USD pair rose at the end of June. Therefore, bulls are unlikely to overcome this mark the first time.

On the other hand, the level of $9300 is at the same time a buying area. If the bears lower the price below $9300, they will be able to lower the price to the area of ​​$9200. Testing the 100-hour SMA will push the price back to the $9150 area.

The RSI is showing growth and is forming at 55.

Primary support Level $9250

The main resistance levels $9320, $9400.