Bitcoin has become corrective and still holding the price below $33,000 to $32,500 price area. Bitcoin nose dive below $32,000 event area. The bears to continue further lower in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
July 19, 2021, | AtoZ Markets – Bitcoin price declined today morning during the Asian session against the U.S. Dollar. After an extended period of volatility below $35,000 to $36,000 price area, the bears have regained momentum and pushed the price downward and reached $31,000 to $31,500 price area. Bitcoin is currently trading around $31,270 price area and trying to push lower. As per the current price action, the price may face strong support around $30,500 to $30,000 price area in the coming days.
Bitcoin Nose Dive As the Bears Are Optimistic
BTC is currently residing near $31,270 price area and trying to continue downside. However, the dynamic level of 20 EMA is still holding the price as strong resistance.
Image: BTC 4 Hour Chart
According to the 4-hour chart, Bitcoin nose dive and currently trading around $31,270 price area. As per the current price action, if the price can have an impulsive bearish candle close below the last candle’s low, the bears may push the price down towards $30,500 to $30,000 price area in the process. So, if the price bounced upside from $30,000 to $30,500 support level, the bulls may regain momentum and push the price higher towards $32,500 to $33,000 price area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance in the days ahead. Also, the MACD lines are currently residing below the 0.00 level and gradually sloping downside. It indicates that the bears may sustain the bearish pressure further in the process.
BTC May Continue Downside
According to the daily chart, Bitcoin nose dive as the overall momentum is still bearish. As per the current scenario, if the price can break below $30,500 to $30,000 support area with an impulsive daily bearish candle, the bears may continue the bearish pressure towards $28,500 to $28,000 price area in the coming days.
Image: BTC Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong resistance to push the price down. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands lower band is still holding the price as strong support. So, the bears may continue further if the price can break below it.
To conclude, as the overall momentum is still bearish, there is a high chance that the bears may continue the bearish trend further in the coming days.