RATE Group | Bitcoin Price Chart is Coiled like a Spring, will it Bounce or Break?
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Bitcoin Price Chart is Coiled like a Spring, will it Bounce or Break?

31 Jul Bitcoin Price Chart is Coiled like a Spring, will it Bounce or Break?

Posted at 03:07h in Bitcoin News by

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Bitcoin Price Forecast:

  • Bitcoin is up 153% in the year-to-date, but recent price action suggests the crypto’s bullish trend is threatened
  • To that end, an ascending trendline from mid-May could mark the line in the sand for medium-term BTCUSD price
  • Interested in cryptocurrency? Check out our Bitcoin Predictions & Facebook Libra Podcast with Tone Vays

Bitcoin Price Chart is Coiled like a Spring, will it Bounce or Break?

After surging 260% in 2019 to nearly $14,000 last month, Bitcoin is taking a breather and threatening a critical tailwind to its continuation higher. The ascending trendline from mid-May provided support in June and has done so again in late July. A series of recent tests have probed the line, but bulls appear unwilling to surrender at this time. That said, hourly stochastic RSI is tiptoeing into overbought territory and could see bears pressure price back down to the level – which now enjoys confluence with a Fibonacci level at $9,545. If confluent support is unable…

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