BTC/USD Technical Analysis, July 10

10.07.2020 07:33:07

After soaring for several days, Bitcoin faced strong resistance at $9480 and was unable to overcome it. Bears took advantage of the situation and started a correction down.

On July 9, the BTC/USD pair fell below the levels of $9400, $9300, $9200, and reached a minimum of $9157. Today, the pair BTC/USD continues to decline. It has already reached a minimum of $9053, but at the time of publication, it rose to the $9154 area.

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As a result of the decline, the BTC/USD pair fell below the important support level of $9280, and also lost the support of the 100-hour Moving Average and is trading below it now.

As you can see, the BTC/USD pair fell below the Fibonacci levels of 61.8%, 50% of the pair's recent growth from a minimum of $8920 to a maximum of $9480.

Now the pair is trading near the support level of $9180, which corresponds to the Fibonacci correction level of 38.2% of recent growth from a minimum of $8920 to a maximum of $9480. If the BTC/USD pair manages to stay above the level of $9180, we can talk about the completion of the correction and growth attempts. If the pair even manages to show growth and rise above $9280 to return above the 100-hour Moving Average, it will again be able to try to go to around $9400.

If the pair BTC/USD drops below $9180, it may continue to decline. In this case, you should catch BTC/USD in the area of $9000. Here, the bulls will do their best to keep the price of Bitcoin.