BTC/USD price analysis, July 19

19.07.2021 13:57:01

Bitcoin price started a new week with a fall. If yesterday the BTC/USD pair ended the trading week closer to $32000. Today the BTC/USD pair is showing a decline. It dipped below $31000 and is trading at around $30800 at the time of publication. A price drop below $31000 makes a continuation of the decline more likely.

It looks like the consolidation that has been going on for 8 weeks is starting to take on a bearish character. Many investors began to expect the Bitcoin price to drop below $30000. So far, over the past two months, BTC has not dropped below this level.

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On the 4-hour chart, the BTC/USD pair broke down the triangle. As you can see on the chart, the pair has repeatedly tested the lower border of the triangle over the past few days. If the bears continue to develop their decline, the price may drop to the area of ​​$29710 and further to the level of 28775. The level of 28000 provides strong support.

On the other hand, if the bulls manage to stop the decline in price, they will need to bring it back above the resistance level of 31000. Then they will face resistance in the area of ​​32100. This is followed by 33000 dollars and 34000 dollars.