Regal Secrets

Bitcoin analysis: BTC/USD pushes higher, still below $10,000

July 31, 2019

Bitcoin (BTC) has recovered from recent lows and settled above $9,700 handle. At the time of writing, BTC/USD is changing hands at $9,767, gaining nearly 3% in recent 24 hours amid growing upside momentum.

Twitter account “Whale Alert,” registered another spike of crypto whales activity. The big accounts got to life and moved around about $3 billion in BTC in six hours.

Bitcoin’s technical picture
From the intraday perspective, the initial support awaits BTC/USD on approach to $9,550. This area is strengthened by a confluence of SMA100 (Simple Moving Average) and SMA50 on 1-hour chart. A sustainable move below this handle will allow for an extended sell-off with the next focus on $9,500 (the lower line of 1-hour Bollinger Band) and psychological $9,000.

On the upside, we will need to see a sustainable move above $9,800 with the intraday high located just above this handle. Once above, the price of the first digital coin will proceed to critical $10,000 strengthened by SMA100 4-hour.

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