For the sixth consecutive day, the price of bitcoin is kept below the moving average (MA) for 50 periods on the daily chart, which speaks in favor of the domination of bears in the short term, according to CoinDesk Markets analyst Sebastian Sinclair. So, the first cryptocurrency is necessary to close Monday above $ 9,880 to put the power of sellers in doubt.
Today, July 29, the price of Bitcoin briefly decreased to the level of $ 9111, but then rose to $ 9725. However, the overall picture still speaks in favor of a rollback to support of $ 9,100 and even $ 8,800, Sinclair is convinced.
On the daily chart, the RSI indicator cannot overcome resistance at the level of 50, which indicates the sellers' confidence, the AO oscillator echoes this, the analyst emphasized.
CoinDesk Markets Information
On the weekly chart, the situation also looks disappointing, especially considering that the last red candle consumed the previous green one.
CoinDesk Markets Information
Sinclair summarized that if the bulls do not seize the initiative in the short term, the bears can establish control over the medium term.
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