Tuesday, 16 July 2019

Bitcoin: Struggles to clear resistance

Bitcoin broke below the upper line of the ascending channel on July 14. But as expected from the last analysis it found support from the 50-day SMA. The pair bounced off the 50-day SMA and rose to test $11,000 level. 

However, Bitcoin faced stiff resistance from both the 20-day EMA and the trend line. If it fails to clear them up, it may correct down to the 50-day SMA and then the lower line of the ascending channel. 

The RSI is under 50 and in a downtrend condition which shows the bulls is losing power. There isn't any clear buying setup at the current conditions, hence, traders should wait to buy at supports or if Bitcoin goes above the 20-day EMA.


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