After falling below $20,000 in June, Bitcoin has been trading in a rising wedge for more than a month. Since then, the value of the king cryptocurrency has increased by over 25%, with occasional jumps to a 30% price increase.
Sadly, one pattern – the decreasing volume profile – kept the market as a whole cautious and signaled that traders and investors are not supporting the current direction. When the market once again experiences intense selling pressure, it can eventually finish with downward volatility.
The economist and ardent opponent of Bitcoin, Peter Schiff, has reaffirmed his gloomy outlook for the price of Bitcoin (BTC/USD), speculating that the benchmark cryptocurrency may go below $10,000. Putting Bitcoin’s “rally into perspective” demonstrates that bears are still firmly in control, according to Peter Schiff.
BTC stays bearish?
Bitcoin price attempted another increase above the $24,500 resistance zone. BTC was able to jump above the $25,000 resistance level and traded to a new monthly high.
However, the price failed to stay above the $25,000 level. A high was formed near $25,200 and the price started a downside correction. There was a move below the $24,800 and $24,500 levels. Besides, there was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below the $24,500 level and the100 hourly simple moving average. A low is formed near $23,789 and the price is now consolidating losses.
There was a minor move above the 23.6% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. On the upside, an immediate resistance is near the $24,300 level and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
The next key resistance is near the $24,500 zone. If bitcoin fails to clear the $24,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,780 level.
Hourly MACD – The MACD is now losing pace in the bullish zone
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level
Major Support Levels – $23,780, followed by $23,500
Major Resistance Levels – $24,300, $24,500 and $25,000
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