Bitcoin Price Analysis July 22

We usually update once every 48 hours, but we are doing a special day-to-day price analysis since Bitcoin is at a very interesting zone – encountering the descending trend-line started at the beginning of March, while one BTC was equal a little less than 12K USD.

This could be a major obstacle from one side, and from the other side, getting over it can gain momentum towards next target levels at the 9,000$ mark.

Bitcoin is still consolidating during the recent days, it looks like a significant move will take place to either direction when getting into the descending line.

To sum up – support levels are at $7300, $7000. Short-term resistance is at $7600, and then $7800.

Trading volume is relatively low, typically to weekends. It will be interesting to watch the price action over the beginning of the new week.

Bitcoin Prices: BTC/USD BitFinex 4 Hours chart

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