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Bitcoin Price Analysis, BTC turns bearish

General Introduction Bitcoin Price:

Bitcoin and aggregate crypto markets have faced considerable volatility in recent days, with Bitcoin price moving between $10,000 and $12,000 levels. Bitcoin must exceed $12,356 level, or else more price breakdown may occur.

BTC to USD Dominant Trend: Bearish

Resistance Levels: $14,000, $14,500, $15,000

Support Levels: $8,500, $8,000, $7,500

Looking at the chart, the Bitcoin price could drop to $9,500 soon. Overhead descending resistance forming on Bitcoin could develop a descending channel taking price levels down to $9,500 in this week. This would allow for sideways consolidation to take place around $9,500, which is a key historical psychological support/resistance level allowing the volume to rush back into the Altcoin market. On the Bitcoin 4hour chart, we can begin to see a descending channel forming. This has already been confirmed as the price is already crossing the lower border of the Bollinger band indicator as at the time of writing. Meanwhile, the descending volume would align nicely with a pull-back to $9,500 level below the blue-line of 50-day moving average confirming the descending channel. The short term price prediction for the next few days is evidently bearish, given the expected pullback; however, a pullback to $9,500 forming the descending channel would still keep the current uptrend intact.

Moreover, it’s highly likely once the descending channel has been formed there will be a breakout to the upside that attempts to form new highs. Descending channels formed during an uptrend are inherently bullish. Consolidation within the predicted descending wedge would likely allow Altcoins room for short-term growth. Overall, a pullback would be nothing to be scared of, as stated in the previous analysis and is much needed to sustain the current uptrend, whilst allowing Altcoins to bounce off their historical supports that many of them are currently resting on. The Bitcoin price dropped from $12,124 level to $10,739 yesterday (June 30) but currently trading at $10,900 level as the market opens today (July 1). In the event that Bitcoin falls down more, the bears may likely hit the support level of $8,500, before reaching $8,000 in an easy and quick way and further below may be at $7,500 support level. Mere watching it from above, Bitcoin price now faces $12,500 resistance level and the next level could be $13,500 before reaching the $14,000, breaking the $14,500 level, would probably send the price to $15,000 resistance level.