Bitcoin has become volatile and still residing inside the range of $30,000 to $36,000 price area. Bitcoin volatility increased below $35,000 significant resistance area. What is next? The bulls to regain momentum 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 12, 2021, | AtoZ Markets – Bitcoin price declined today morning during the Asian session against the U.S. Dollar. Bitcoin once again managed to sustain over the $30,000 to $31,000 support area. However, Bitcoin whales have been taking benefit of the recent instability and are collecting the top crypto. BTC is currently trading around $33,500 price area and trying to push downside. As per the current price action, the price may face strong resistance at the dynamic level of 20 EMA on the daily chart in the days ahead.
Bitcoin Volatility Increased as the Resistance Level Working Strongly
Bitcoin is currently residing near $33,500 price area and trying to decline further. However, the price had an impulsive 4-hour bearish candle close below the dynamic level on the intraday chart.
Image: BTC 4 Hour Chart
According to the 4-hour chart, Bitcoin volatility increased and currently trading around $33,500 price area. As per the current price action context, if the price can have an impulsive 4-hour bearish candle close below the last candle’s low, the bears may push the price down towards $31,000 to $30,000 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 to push the price down. Along with this, the MACD lines are currently residing near the 0.00 level and may have a bearish intersection. It indicates that the bears may sustain the bearish pressure further in the process.
BTC Bears Are Still Active on the Market
According to the daily chart, Bitcoin volatility increased as the bears are still optimistic. As per the current scenario, if the price can have an impulsive daily bearish candle close below the downtrend line, the bears may push the price downside towards $31,000 to $30,000 price area as a first target. The second target will be $26,000 to $25,000 price area if the price can break below $31,000 to $30,000 support level in the coming days.
Image: BTC Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing over the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may work as strong resistance to push the price downward. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, as long as the price residing below $36,000 to $35,000 price area, the bias will remain bearish. An impulsive daily close will help to identify the definite momentum in the days ahead.