On the evening of the 9th of July, the Bitcoin price line fell towards the $9200 level. Crypto analysts on TradingView believed that the BTC price would have moved above the $9700 mark after breaking out of descending trendlines.
1-Day Bitcoin price analysis (9th July)
Bitcoin Price Chart by Trading View
Bitcoin was priced at $9149.11 US Dollars at the time of writing.
Bitcoin price in a descending parallel channel
Kinnari Prajapati is a TradingView analyst who believed that the cryptocurrency is traveling in a descending parallel channel, and that it may observe a breakout soon.
Bitcoin Price Chart by Trading View
The cryptocurrency can be observed forming waves inside the descending parallel channel. It has already tested the resistance of the channel three times before while it tested the fourth resistance on the 9th of July. As per the idea, the cryptocurrency should have moved towards the $9800 to $9900 level after breaking out of the resistance of the descending parallel channel.
On the 9th of July, the BTC price turned bearish and returned from the resistance after testing it. Currently, the cryptocurrency has moved below the $9200 level.
What to expect from Bitcoin’s price?
Lingrid is a TradingView analyst who believes that the cryptocurrency will break out of a falling wedge pattern that they drew on the 4H chart for the BTCUSD pair.
Bitcoin Price Chart by Trading View
The analyst highlighted the first resistance near the $9750 mark, and they believed that the BTC price line is moving towards the first resistance. As per the idea, if the cryptocurrency breaks past the first resistance, it ill move towards the second resistance near the $11000 mark.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
