Next Downside Targets for 19th July 2017 -Technical Analysis for Bitcoin Price

Key Highlights of Bitcoin Price:

  • Technical indicators are viewing that the selloff could continue around these levels.
  • Bitcoin price is completing its pullback to the broken triangle support at $2400.
  • The Fibonacci retracement level and the extension tool shows the next potential support areas.

Technical Indicators Signals

The 100-200 SMA to confirm the path of least confrontation to the shortcoming. Accordingly, 100 SMA with the broken triangle support to add to its strength as confrontation. The 200 SMA dynamic modulation point is close enough to the top triangle. It might be the last protection in this downtrend pullback.

Stochastic is already illustrative overbought to imitate rally enervation as the oscillator is turning lower to show an increase in forthright pressure. RSI is yet not reached overbought area but it is not starting to point down to signal that sellers are gaining the high level.

Alongside, Bitcoin value insights on support levels:
  • 50% extension at $1975
  • 2% extension at $3072
  • 100% extension at $1564
  • 4% extension at $1758
  • 8% extension at $1878
Market Factors

In the reformation of Trump administration, the US dollar has taken different level on weaker prospects of fiscal. According to studies, it is improbable to pass the Obamacare revoke as three Democrats have expressed obstruction.

Read also: Ethereum price falls below $300 Due to Cryptocurrency ICO Hype

The US government investors are not able to implement tax reform. It is the key factor of infrastructure spending suggestions by next year. Therefore, that could hold up the Fed’s aptitude to gain interest rates as the economy.

Simultaneously, there is the benefit in Bitcoin price as the return in risk repulsion in the markets on minor commodity fresh and prices substances. Also, Cryptocurrency miners are claiming progress in solving hard fork issues, gearing up confidence in the industry too.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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