Bitcoin Immediate Resistance (2H Short-Term Analysis)

17 Jul 2020

Bitcoin (BTCUSD) is bouncing after hitting a new low on the 2h timeframe... Can it go higher?

Prices for Bitcoin are now challenging EMA50, as well as the descending trendlines marked on the chart... This is the immediate resistance.

If BTCUSD fails to close above this level, we will see prices move lower following the red arrow.

• We will only consider this bounce to become a bullish move if prices manage to break and close above $9260.
  
• Any trading below the above-mentioned price and we remain bearish short-term.
  

Do you agree with this analysis?

Let us know in the comments section below.

Namaste.