Analysis of bitcoin for July 26, 2019: struggling to sustain momentum above $10,000

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Bitcoin has been struggling to remain above $10,000 area with strong bullish momentum while creating higher highs to indicate the bulls are still there to push the price futher to the upside.

Bitcoin and other cryptocurrencies are experiencing a day of green after facing strong selling pressure over the past couple of days. Bitcoin’s recent dip below $10,000 came about after it made a rapid advance towards $11,000 during this past weekend. The surge was met with strong selling pressure that sparked the recent sell-off, sending BTC to just below its current price levels.

A new comprehensive research report from Grayscale Investments elucidates some interesting data regarding what types of investors are interested in Bitcoin. It may signal that a significant influx of capital and new investors will soon flood the crypto markets. As per current observation, there are certain possibilities for Bitcoin to push higher but corrections at the edge of $10,000 indicate further weakness of bulls in the process.

TECHNICAL OVERVIEW:

The price is currently heading higher again after breaching below $10,000. The price was quite impulsive with the recent bearish pressure as it broke below $10,000 area while also engulfing the previous bullish momentum entirely in the process. The dynamic levels and Kumo Cloud are showing indecision in the market with no signs of Bullish Divergence in the process. A break above $10,000 is required for attracting the bulls to result in further upward pressure in the coming days or else price may range between $9,000 to $10,000 area further.

TECHNICAL LEVELS:

SUPPORT- 9,000, 9,400, 9,500, 9,800

RESISTANCE- 10,000, 10,500, 11,000, 11,500

CURRENT BIAS- Bearish

MOMENTUM- Volatile

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Analysis of bitcoin for July 26, 2019: struggling to sustain momentum above $10,000

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