Bitcoin Bull Run to Continue Towards $10,500 Price Level


Bitcoin has become impulsive and non-volatile and broke above $9500 resistance area. Bitcoin bull run may continue towards $10,500 psychological price level. What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.

July 23, 2020, | AtoZ Markets – Bitcoin has gained almost 2% and broke above the $9500 resistance level against the U.S. Dollar. The price traded into a new high, after the volatility of the past 20 days. While breaking above $9500 resistance area, BTC had a bullish candle close on the intraday chart. Bitcoin is currently trading around $9500 area and trying to retrace down. As per the current scenario, Bitcoin price may retrace down towards the dynamic level of 20 EMA in the coming days.

Bitcoin Bull Run May Sustain Further as Investors Are Optimistic

Bitcoin is currently residing near $9500 area and trying to decline. Moreover, the price broke above the Kumo Cloud, along with the Kijun line and the Tenkan on the intraday chart.

Bitcoin Bull Run

Image: Bitcoin 4 Hour Chart

According to the 4-hour chart, After Bitcoin bull run broke above $9500 area, the price came to retrace downward. As per the current price action, if the price can have a bearish candle close below $9500 area, the price may retrace down towards Fibo level 50, which is around $9415 area. So, if he price retraced down and had a bullish close above Fibo level 50, the bulls may regain momentum and recover higher towards $10,000 area in the days ahead. It should be noted, $9,500 area may act as strong support as well.

In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. The dynamic level of 20 EMA may act as a strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level of 20 EMA.

BTC to Reach February’s High?

According to the daily chart, Bitcoin bull run may sustain further as bulls are optimistic. Bitcoin is currently residing near $9500 area and trying to climb higher. As per the current price action, if the price can have a daily impulsive bullish candle close above $9500 area, the bulls may recover higher towards $10,000 area as a first target. The second target will be $10,500 area if the price can break above $10,000 in the coming days.

Bitcoin Bull Run

Image: Bitcoin Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price higher. Also, the MACD lines are currently residing near 0.00 level and may have a bullish intersection. It indicates that bulls are trying to hold the bullish momentum further in the process.

To conclude, after an extended period of volatile inside the ranges of $9000 to $9500 area, BTC managed to broke above $9500 on the intraday chart. A daily close is required to identify the upcoming momentum in the days ahead. 

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