Bitcoin (BTC) Retesting $9,500 for the Second Time in July, Will This Support Hold?
- Bitcoin (BTC) is down 11.7 percent
- The identity of Satoshi Nakamoto should remain anonymous
John McAfee, the vocal Bitcoin permabull, claims to know the identity of Satoshi Nakamoto, the creator of Bitcoin. However, in a recent interview, “Bitcoin”, hopes Satoshi Nakamoto remains anonymous. Presently, BTC is down 11.7 percent from last week’s close.
Bitcoin Price Analysis
Fundamentals
Through and through, Bitcoin, the network and internet money, is just like any other tool. At least that is what “Bitcoin”, in an interview with CoinTelegraph head of News, Molly Jane Zuckerman, said.
Explaining, he said Bitcoin can be used for good or bad. However, it is the intention of the user that matters. Giving an example, he told the news publication that shoes, although worn by everyone, can be used by a criminal to perpetuate an illegality. Even though consequential, usage will not justify banning.
Further, he added that the identity of Satoshi Nakamoto should be as it is:
“I hope that the true identity of my dad is never revealed. I think considering the nature of cryptocurrencies, and it being decentralized and all. An anonymous team of creators, it’s just more poetic and fitting.”
Candlestick Arrangements
At the time of press, the world’s most valuable digital asset is down 11.7 percent week-to-end, trading at around $9,500. In line with previous BTC/USD trade plans, it is apparent that sellers are in charge.
Although bulls have a chance, every high is technically a selling opportunity for aggressive traders. However, it could be worse for BTC if prices dip below $9,500, conclusively confirming losses of July 27.
In that case, and as per last iterations, BTC could tumble to $7,500 and later $5,500 in a retest. A possibility, it is also steep for sellers more so considering the explosive gains in H1 2019.
All the same, considering draw down of the last two weeks, it appears that the path of least resistance is southwards.
Technical Indicators
In light of the above, July 16 bear candlestick anchors this trade plan. It is wide-ranging and has high trading volumes of 43k. Therefore, if prices react at $9,500, confirming losses of July 27 as prices drop below $9,500 with high participation exceeding 43k, then BTC could sink to $7,500 as aforementioned.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Dalmas Ngetich, Khareem Sudlow