The Bitcoin price was bearish on Tuesday, and the currency depreciated above two percent (2.87%). It was the longest streak in eleven months. From July 13th to July 19th, the price of Bitcoin was good and was hitting above seven thousand and five hundred dollars ($7,500) as revealed by CoinMarketCap.
For the last six days owing to a number of factors like Facebook’s announcement for the launch of its own cryptocurrency and Binance banning the U.S customers have made the Bitcoin’s price surged. The price of Bitcoin surged from eight thousand one hundred and twenty dollars ($8,120) to nine thousand three hundred and sixty-six dollars ($9,366).
On the launch of “Libra” there were mixed reviews of the experts. The long-term analysis indicates surging trends and an anticipated ten thousand dollars ($10,000) in the near future.
In the 24-hour analysis, correction of eight thousand and seven hundred dollars ($8,700) is expected. The Bitcoin three day analysis shows that closing occurs above nine thousand dollars ($9,006) on May 30.
The candle averages are moving towards the north. The RSI indicates the bullish sign and the path of least resistance on the higher side.
The bullish side if prevails the price will consolidate around eight thousand four hundred and seventy-seven dollars ($8,477) and the pattern will become bearish if price depreciated to seven thousand and six hundred dollars ($7,600).
On the 4-hour chart, the RSI indicates the pattern of lower highs. On the 1-hour chart, the price lies between 50-hour and 100-hour MA.
The depreciation below the $9,005 level would bring the price to eight thousand and six hundred dollars ($8,600).