Bitcoin fell by 0.95% in the week ending 19th July. Partially reversing a 2.50% gain from the previous week, Bitcoin ended the week at $9,231.2.

It was a bearish start to the week. Bitcoin fell from a Monday intraweek high $9,350 to a Wednesday intraweek low $9,026.6.

Bitcoin fell through the first major support level at $9,095 before finding support in the 2nd half of the week.

3 consecutive days in the green cut the deficit for the week, with Bitcoin recovering to $9,200 levels.

3-days in the red, however, were enough to leave Bitcoin in negative territory for the week.

For the week ahead

Bitcoin would need to move back through the $9,200 pivot to bring the first major resistance level at $9,380 into play.

Support from the broader market would be needed for Bitcoin to break back through to $9,300 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $9,380 would likely cap any upside.

In the event of a breakout, Bitcoin could take a run at $9,500 levels before any pullback. The second major resistance level at $9,526 would likely cap any upside, however.

Failure to move back through the $9,200 pivot would bring support levels into play.

A pullback through to sub-$9,100 levels would bring the first major support level at $9,055 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,879.0. The 23.6% FIB of $8,900 should limit any downside in the week.

At the time of writing, Bitcoin was down by 0.36% to $9,197.9. A mixed start to the week saw Bitcoin rise to an early Monday high $9,238.2 before falling to a low $9,191.2.

Bitcoin left the major support and resistance levels untested at the start of the week.

(Excerpt) Read more Here | 2020-07-19 22:50:47
Image credit: source


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