Jul 15, 2021 at 10:08 // News

Bitcoin resumed a new downtrend

Bitcoin (BTC) price continues its upward movement but fails to jump above the $33,100 hurdle. This is the second time buyers have failed to keep the BTC price above $33,100.


On July 13, during the first rejection, bitcoin broke down to support at $31,700. Yesterday, the bulls bought the dips as the price moved back up. The upside move ended as Bitcoin resumed a new downtrend.


The bears are trying to narrow the tight range between $31,000 and $34,400. The bottom line is that Bitcoin is at risk of further downside if it fails to break above resistance at $33,100. Today, BTC/USD is in a downtrend as the price approaches the $32,000 support. It is likely that the cryptocurrency will fall even lower if there is a clear break below the $32,000 support zone. Bitcoin will fall and revisit the lows at $28,000 and $20,000 if bearish momentum is maintained below the $31,000 support.


Bitcoin indicator reading


Bitcoin is at level 42 on the Relative Strength Index for period 14, indicating that the cryptocurrency is in the downtrend zone and below the mid-50s line. Currently, bitcoin is above the 25% area of the daily stochastic. It indicates that the cryptocurrency is in a bullish momentum, but contrary to the price action. The 21-day and 50-day lines SMA are sloping horizontally.


BTC_-_COINIDOL_(26).png


Technical indicators:


Major Resistance Levels – $65,000 and $70,000



Major Support Levels – $40,000 and $35,000


What is the next direction for BTC/USD?


Bitcoin is likely to fall to regain the previous low. BTC price is falling after rejecting the high at $33,100. The price action has been characterized by small candlesticks called doji and spinning tops. These candlesticks describe that buyers and sellers are in a phase of indecision as the BTC price has been trading marginally.


BTC_-_COINIDOL_2_CHART_(22).png


Disclaimer. This analysis and forecast are the personal opinions of the author and 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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