Bitcoin price surpasses the first target – Analysis - 17-07-2019

Bitcoin price traded with strong negativity yesterday to succeed achieving our first waited target at 9855.80 and surpassed it to settle below it, showing more decline today to approach the next negative target at 8936.33, which supports the continuation of the bearish trend expectations on the intraday and short term basis, noticing that the price completed forming double top pattern that might push the price to suffer more losses on the medium term basis.

Therefore, the bearish trend will remain dominant in the upcoming period, noting that breaching 9855.80 and holding above it is considered as the first positive key to stop the current negative pressure and start recovery attempts on the intraday and short term basis.

The expected trading range for today is between 8600.00 support and 9855.80 resistance

The expected trend for today: Bearish