Technical Analysis BTC/USD, July 20

20.07.2020 14:57:58

For four weeks, the BTC/USD pair is trading in the $500 range. The $9000 level holds back from further decline, and the $9500 level does not allow the pair to rise higher. But on the market, there are more and more signs of a further decline in the price of Bitcoin. Last week, the bears did not let the BTC/USD pair rise above the $9350 mark. Moreover, they came close to the Bitcoin support level of $9000, which did not allow the price to fall below.

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At the time of publication, the BTC/USD pair is trading in the $9175 area, after declining from a weekend high of $9243. It should be noted that thanks to the weekend high, the BTC/USD pair was able to break up the descending trend line. But at the time of publication, it again fell below it.

The gradual exit of the Relative Strength Index (RSI) from the overbought zone indicates an increase in bearish pressure. MACD currently holds above the midline and has slightly bullish divergence.

If the BTC/USD pair is above the 50th and 21st Exponential Moving Average (EMA), it could make the $9200 level its support again. This means that the bulls have not yet lost everything. The BTC/USD pair has the potential to hold above $9000.

If we see a decline in the BTC/USD pair below $9000 this week, it may drop to the $8800 area and further to $8650.