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Bitcoin Couldn’t Break Its Resistance! Is the Decline Beginning? July 11 BTC Analysis

  • The price of Bitcoin experienced a decline and fell to the levels of 30,300 dollars, unable to sustain above the resistance level of 31,000 dollars.
  • The downward movement of BTC may continue until the support range of 28,600 – 28,200 dollars.
  • If Bitcoin closes below the level of 29,900 dollars on a 2-hour basis, further decline towards the support of 29,500 dollars may be observed.

When examining the current technical chart of Bitcoin, it can be seen that the price reached the levels of 30,300 dollars after rising to the resistance level of 31,000 dollars and experienced a decline. BTC may experience a drop to a critical support level.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart

Daily BTC/USD Price Chart

When examining the daily technical chart of Bitcoin, it can be seen that the price fell to the levels of 30,300 dollars again after rising to the resistance level of 31,000 dollars, as mentioned in previous analyses.

If Bitcoin fails to sustain above the resistance level of 31,000 dollars with daily basis candlestick closures, it may initiate the downward movement from this range and decline to the levels of 28,600 – 28,200 dollars.

Bitcoin, which has been experiencing sideways movements for the past 19 days, failed to sustain above the resistance of 31,000 dollars despite testing it and experienced a decline. Today, it experienced a decline again despite testing the resistance of 31,000 dollars in the same way.

The possibility of a decline in the price of Bitcoin increases as long as it cannot surpass the resistance of 31,000 dollars. First, it may experience a drop to the levels of 29,900 dollars, and if it closes below 29,900 dollars on a daily basis, further decline towards the support of 29,500 dollars may be observed.

Short-Term BTC Price Analysis

2-Hour BTC/USD Price Chart

2-Hour BTC/USD Price Chart

When examining the 2-hour technical chart of Bitcoin, it can be seen that it made the expected movement as mentioned in the analysis shared on July 10th and provided a total return of (long/short) %6 to our readers.

Click Here to Review the Previously Shared BTC Analysis.

When examining the current technical chart of Bitcoin, if it fails to make 2-hour basis candlestick closures above the mentioned resistance of 30,850 dollars, it may initiate the downward movement towards the support range of 28,800 – 29,200 dollars.

If the price of Bitcoin encounters strong buying pressure from the support range of 28,800 – 29,200 dollars, it may aim to continue the upward trend towards the levels of 32,000 dollars.

However, Bitcoin must first make 2-hour basis candlestick closures below the level of 29,900 dollars. If BTC loses the support of 29,900 dollars, it will confirm the decline to the range of 28,800 – 29,200 dollars. Bitcoin investors should carefully monitor the critical support and resistance levels mentioned in the analysis and be prepared for sudden sharp movements.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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