Bitcoin prices have stabilized following their 34.95% slide from their 2019 high of $13884. The overall trend remains upwards since the start of 2019, and the June 4 low of $7432 is the last major low of the uptrend. As the price has been nearing the 7432 level the price has found support, and specifically, it found support near the 78.60% Fibonacci retracement level of the bull-leg from the June low to the June 26 high. Earlier this week, the price tried to reach the 78.60% level at $8799 once again but failed, and it now looks like Bitcoin prices are finding a base just above the $9000 mark.
Aggressive trend following traders will probably continue to accumulate Bitcoin just above $9000, however, on the price sliding below the $7432 low, there is a high risk that the price will continue to slide.
Traders that are not sure if the price will bounce from current levels will probably wait for the short-term trend to turn bullish which it could do on the price trading above the July 20 high before starting to target the July 10 high near the $13000 level.Don’t miss a beat! Follow us on Twitter.