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12.07.201908:21 Forex Analysis & Reviews: BITCOIN consolidating below $11,500 area to push lower. July 12, 2019

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Bitcoin is trading in a bearish channel. Now it is residing at $11,000. However, it may rebound towards $11,500 again.

Bitcoin and the aggregated Crypto markets have continued to extend the downwards movement that they incurred yesterday, and Bitcoin is now approaching its next region of psychological importance that exists around $11,000. This downwards descent first began on Wednesday evening when Bitcoin rapidly surged to over $13,000, which sparked a significant amount of selling pressure that has extended into today's trading session.

Bitcoin is expected to push lower towards $10,000-500 support area. Like most cryptocurrencies, Bitcoin is under pressure. The prices of Bitcoin are back retesting the minor support line at $11,200. In a more optimistic assessment, buyers will be in control assuming there is a sharp rally, lifting prices above $14,000 or June 2019. Because of candlestick arrangements, sellers have the upper hand.

TRADING RECOMMENDATION:

As of the current scenario, the price is currently being held by the dynamic level of 20 EMA, Tenkan and Kijun line as resistance while residing below $11,500 area with a daily close. Bitcoin is most likely to advance to $10,000-500 support area. As the price remains below $11,500 area with a daily close, the bearish bias is expected to continue.

TRADING LEVEL:

SUPPORT – 10000, 10500, 11000

RESISTANCE – 11500, 12000, 12500

CURRENT BIAS – BEARISH

MOMENTUM – IMPULSIVE and VOLATILE

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