Bitcoin Prices Challenge Important Support Level, BTCUSD

Bitcoin prices are lower this morning by 2.72% on the day. There is no particular reason for Bitcoin prices sliding.

The price is now nearing the important July 17 low of $9050.  The low is important as it is the latest swing low of the uptrend that started from the December 2018 low of $3114 per coin, if the price trades below it, it will probably send prices lower. The July 28 low is just 0.50% higher at $9106, which will even allow us to classify the $9050 level as a double bottom, this increased the significance of the low.

The next support level below the July 17 low is the June low at $7435, and could act as support and also potential target level of bearish traders.

However, if the prices manage to remain above the July 17 the price of Bitcoin might revisit the August high of 12334, with a stop at the August 20 high of $10961.

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If we use other coins as indicator to what may happen with Bitcoin prices, then the outlook is bearish. Ethereum (ETHUSD) is in a down trend since June 25 and as a minimum it needs to trade above the August 11 low to end its downtrend.

Ripple’s XRP/USD traded below its December 2018 low of 0.28 cents per coin. The same level held in the months of January, February, March, April, and July 2019. However, in August the price slid below support and the price remains firmly in a downtrend, and traders could be targeting a decline to the October 2017 low at $0.18.

Bitcoin cash (BTH/USD), remains some support but it appears that the price is in the process of carving out a head and shoulders top. A break to the July 16 low at $254 might send prices to the $121 level, which is level we have not seen since the start of 2019.Download our latest quarterly market outlook for our longer-term trade ideas.

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