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Bitcoin Analysis Aug 1st, 2019

BTC Pivotal at $10K – Gravitational Pull to $9,000 Lingers

Bitcoin continues to hunt for treasure above $10,000 amid a gradually growing bullish momentum across the market. Bitcoin and the crypto market has come under extremely high selling pressure in the past couple of weeks. In addition to that, there has been negative volatility pushing on key support levels.

  • Bitcoin pivotal at $10,000 but risks refreshing lows towards $9,000.
  • The buyers must realize that Bitcoin has a bearish gravitational pull.

The up and down movement has seen Bitcoin price plunge from highs around $13,800 to July lows at $9,070. Trading below the moving averages has given the bears a lot of power against the bears. However, looking at the four-hour chart, Bitcoin has managed to stay in an uptrend supported by the ascending trendline.

The recent correction initially above the 100 Simple Moving Average (SMA) 1-hour and later the 200 SMA 1-hour gave Bitcoin an impressive boost past the $10,000 critical level. However, the battle to break the $11,000 milestone has become an uphill task with the moment pausing at $10,168.

BTC/USD 1-hour chart

Chart source: Tradingview

Bitcoin price briefly dived below $10,000 but embraced support from the trendline. A resurface above $10,000 has seen Bitcoin poke the bears around $10,050. Moreover, a weak building bearish momentum is likely to push Bitcoin back under $10,000 critical level.

The buyers must realize that Bitcoin has a bearish gravitational pull. The failure to stay above $10,000 could culminate in lower corrections refreshing the lows around $9,000. The Moving Average Convergence Divergence (MACD) is currently within the positive region. Nonetheless, the negative divergence suggests increasing bearish pressure in the short-term.

On the brighter side, Bitcoin is staring into a breakout from the rising triangle resistance at $10,250. Immense support at this level is likely to give Bitcoin a mega push towards $11,000 milestone.

Bitcoin Key Technical Levels

Key Support Levels: $9,800, $9,500 and $9,000.

Critical Resistance Levels: $10,250, $10,600 and $11,000.

Moving Averages: BTC above moving average (1-hour chart) is a key bullish indicator.

MACD: Bearish divergence suggest the presence of sellers.

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