bitcoin price analysis
The BTC has been undergoing a correction for two days already. Generally it is trading at $11,500.
After a week span of bearish market conditions, the number one cryptocurrency Bitcoin is back on track and currently trading above $11,000 price level.
The BTC is correcting on June 27 after having made new local highs, and is trading around $12,182.
After the pullback, the Bulls may push up Bitcoin price to penetrate the $12,900 level and target $13,400 provided the resistance level of $12,900 does not hold. In case the just mentioned level holds, the price may begin consolidation.
Bitcoin price respected the $11,311 level and retraced towards $10,168 level. The crypto retested the level second time on June 23, it is currently pulling back before the continuation of Bullish trend.
Bitcoin price set another new high for 2019 reaching $9,693 and is showing bullish trend line forming with support near $9,700 on the hourly chart of the BTC/USD pair that likely accelerates gains once it clears the key $10,000 resistance area.
Bitcoin price breakout at the resistance level of $9,398 by the Bulls will expose the $10,016 resistance level which may be its target. Should the Bears gain enough pressure and break down the support level of $8,879 the price may decline to $8,565 level.
After the retracement, in case the Bulls gain more pressure to break up the resistance level of $9,398, Bitcoin price may target $1,016. Should the Bears defend the $9,398 level, BTC price may continue ranging within the $8,879 and $9,398 levels.
On July 13, Thursday, the BTC is consolidating around $8,131 after being much active the day before.
Should the Bullish candle penetrate the resistance level of $8,009 and close above it, Bitcoin price may move up towards $8,235. In case the Bearish candle penetrates the support level of $7,600 and close below it, $7,186 may be the next target.
