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Thread: Bitcoin (BTC) Daily Price Forecast – July 23

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    Bitcoin (BTC) Daily Price Forecast – July 23

    BTC/USD Medium-term Trend: Bullish


    Resistance levels: $7,800, $7,900, $8,000
    Support levels: $7,400, $7,300, $7,200

    Last week, the price Bitcoin was in a bullish trend and it reached the high of $7,313.14. Thereafter the cryptocurrency went into a sideways movement and later fell to the low of $7,230.93. On Saturday, July 21st, the price of Bitcoin had another bullish movement that took price to the high of $7,407.54.

    However, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing. The relative strength index period 14 is level 75 which indicates that the market is overbought suggesting bears to take control of the market. Price of Bitcoin will reach the high of $10,000 but will face resistance at the $9,000 price level.


    BTC/USD Short-term Trend: Bullish

    On the 1-hour chart, the price of Bitcoin is in a bullish trend. On July 23, the price of Bitcoin fell to the low $7,363.29. The MACD line and the signal line are above the zero line which indicates a buy signal. Nevertheless, the price of Bitcoin is above the exponential moving averages which indicate that Bitcoin price is rising.


    The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.


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    BTC futures on the Bitmex exchange are trading at 7,726 USD. The BTCUSD pair has been trading within a range of 7,209 – 7,778 USD for nearly 48 hours. Whichever direction in which the price exits this range should determine its movement for at least the next couple of days. Given the manipulation that takes place on exchanges, the price could trigger the stops on both sides of the range after the breakout before returning to 7,500 USD.

    Following its drop from 7,715 USD to 7,209 USD, bitcoin has recovered by 50%. It stopped at the resistance formed from the lows of 7,230 USD and 7,349 USD. We at Alpari believe that this growth phase will last until the 1st of August, after which we will enter a decline until the 23rd of August. It’s highly likely that 8,000 USD will be tested before the 1st of August. You can see currency translator for the price right now.

    The market should set a trading range of 5,743 – 8,000 USD to prepare buyers for a rally by the end of September. This is a rough timeframe, and things could change depending on pricing models.


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