16 Jul Bitcoin (BTC) Has Dropped to a Crucial Support Level with negative parallel trading channel
I recently conducted a simple analysis on Bitcoin’s price movement using the Parabolic SAR which can be viewed here: https://www.parabolicare.com/bitcoin-btc-sar-analysis/ As you can see from the chart below, Bitcoin’s price has just broken below the Parabolic SAR signal on the red channel (which is a bearish channel), which indicates that the market is further disillusioned by the recent price decrease. This is a bearish market signal, which suggests that the price of Bitcoin could drop even further.
The cryptocurrency market has been a roller-coaster ride since the start of the year, but there has been a lot of discussion about the Bitcoin (BTC) market lately. In particular, Bitcoin has seen a significant drop in price, with the value dropping to a crucial support level around $3,100. The cryptocurrency market has been a roller-coaster ride since the start of the year, but there has been a lot of discussion about the Bitcoin (BTC) market lately. In particular, Bitcoin has seen a significant drop in price, with the value dropping to a crucial support level around $3,100.Bitcoin (BTC) continued its downward trend on July 16, reaching a low of $31,113. This is due to a reaffirmation of the support zone at $31,300. It is currently trading in a parallel downward channel in the short term, of which breaking out should be the most likely outcome.
BTC started on the 15th. July dropped sharply. It first fell to a low of $31,550 and reached near horizontal support at $31,300. It recovered quickly and reached a high of $32,820 at the close.
This action resulted in a long lower wick and a bullish hammer candle (green symbol), but BTC reached bottom on the 16th. July reached another low of $31,113. The technical indicators are bearish today despite a bullish candle and the MACD has generated a negative reversal signal. A good example is the bearish cross on the stochastic oscillator (red symbol).
Bitcoin resistance and price analysis
There is significant resistance at $40,550. This is the horizontal resistance area and the Fib retracement level of 0.382. Bitcoin is the number one market for crypto-currencies. The currency is currently priced at $31,230.40 with trading volume of $23,878,416,776 over the past 24 hours. At the time of writing, the market value of BTC is $587,847,185,178 and the tradable supply is 18,757,862.00 BTC.
According to the five-hour chart, BTC has been trading since 29. June in a parallel downward channel. On July 16, it rebounded for the third time on the channel’s support line.
However, the touchdown took place below the Fib retracement support level of 0.618 and above the Fib retracement support level of 0.786. This is why the BTC has no Fib support outside of the channel support. The MACD remains bearish, although the RSI has formed a bullish divergence.
If you return to the top of all times of 14. April, there are two options for bitcoin. The first shows that the bearish momentum is over and the second shows that BTC is still in its fourth wave and will experience a further decline when it is over.
The BTC is barely in the fifth wave after breaking the line in waves 2-4. Therefore, the first scenario implies that BTC has ended its negative momentum and is now correcting upwards. Although the long-term evolution is different in the two scenarios, the short-term evolution will be similar.
The whole channel is probably part of a complex W-X-Y correction structure. A break of the channel would confirm this and BTC could rise to around $40,550, the highest point of the range.
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