Price analysis BTC/USD, July 12

12.07.2021 11:34:26

The BTC/USD pair still managed to complete the trading week above $34000. The pair was able to close the 4-hour candlestick at 34434. Thus, the pair was able to end the week above the 100-hour moving average. This gave hope to the bulls that they can start the week with an increase and again approach the resistance level of $35000.

But the BTC/USD pair started the week with another fall. At the time of publication, the BTC/USD pair dropped below 34000 and is trading in the area of 33800. The pair has already formed five bearish candles in a row and is very close to the support area of 33450. If the bears manage to push the Bitcoin price below this area, we will see another decline in the BTC/USD pair to the 33000 area in the coming hours.

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If the bulls manage to keep the price above the level of 33450, then most likely we will see another price movement within the range of 33450-3400 in the coming days.

The RSI is forming at 40, showing a bearish trend. However, the 100-hour moving average is still supporting BTC/USD at around 33500.