Bitcoin Price Below $9,100 Today, BTC Cannot Escape Downtrend

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by Dmitriy Gurkovskiy · 3 min read
Bitcoin Price Below $9,100 Today, BTC Cannot Escape Downtrend
Photo: Depositphotos

On Thursday, July 16th, the quotations of the BTC renew local lows after another failure to overcome the resistance line of the descending channel. It seems that market participants regard the level of $9000 as the main support line and will test it.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • BTC/USD tech analysis
  • Bitcoin price today after a “fraud” attack via Twitter
  • Huobi Futures planning to start trading options for the Bitcoin

On W1, not much has changed again. The cryptoasset keeps trading at the upper border of the descending channel. The quotations currently remain within the range between 50.0% and 61.8% Fibo. A breakaway of 50.0% will mean the development of the downtrend with the aim of 38.2% Fibo. The MACD histogram stays near zero indicating a decrease in the coin’s liquidity. The signal lines of the indicator have formed a Black Cross confirming a decline to 38.2% Fibo one more time. Though the Stochastic is between 20 and 80, currently, this may not be interpreted as a signal of the parity of the buyers and sellers.

Photo: RoboForex / TradingView

On D1, the tech picture of BTC/USD is almost identical to that on W1: the pair keeps trading along the upper border of the descending channel. As for Fibo, the asset is trading between 100.0% and 61.8%. The aim of the decline is still 61.8% but the price might pass it and head right for 23.6%. The MACD histogram is in the negative sector, indicating the probability of further declining. The signal lines have formed a Black Cross, confirming the above-mentioned perspective. The W1 and D1 together still promise further decline.

Photo: RoboForex / TradingView

On H4, BTC/USD has the same perspectives. The pair has broken away the lower border of the channel and is trading at the horizontal support level. The Stochastic has formed a Black Cross almost in the overbought area, which is, again, a signal of further decline. The aim might be at $8740.00 USD.

Photo: RoboForex / TradingView 

On the evening of July 15th, there was a massive attack on the Twitter accounts of Binance, Coinbase, Gemini, Gate.io, KuCoinWilliam Gates, Elon Musk, Michael Bloomberg, and other influential persons in business and the crypto world. On all hacked accounts, the frauds posted the same text: “We have partnered with CryptoForHealth and are giving back 5 000 BTC to the community”. To participate in the “action”, users were asked to send from 0.1 to 20.0 BTC to the given address and promised to get from 0.2 to 40.0 BTC in return. This is a classical crypto fraud scheme that has been known for years.

By now, the Twitter support team announced that the hackers had planned the attack very thoroughly in advance and hacked a lot of accounts with many subscribers. So, to reveal all hidden threats, the company will have an investigation, during which the functions of a large group of accounts will be limited.

The Huobi Futures exchange via its Twitter account announced the start of trading the BTC options. The new instrument is expected to have been implemented by the end of the quarter. According to Decrypt, a contract will cost 0.001 BTC, and the exchange will charge commission fees for supplying and carrying out operations.

Huobi Futures is the leader in the market of Bitcoin futures. According to certain data, on July 13th, the trade volume of BTC futures on the exchange amounted to $1.9 billion USD.

Disclaimer: Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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Kseniia Klichova
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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