Bitcoin Technical Analysis 24th July

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Hourly chart for BTC/USD
Daily chart for BTC/USD
Daily chart for BTC/USD

As can be seen on the daily charts, BTC/USD fell below the important support zone of $611, but is currently seen taking support at the monthly pivot level of $609. In yesterday’s trading session, BTC/USD was unable to sustain at higher levels and finally broke down from support levels on back of strong trading volumes.  This gives concern regarding the future direction for BTC/USD with the momentum indicator for the digital currency showing signs of downward pressure confirming that BTC/USD might be heading lower in near term. It would be advisable to keep a close eye on the monthly pivot at $609, which if broken, can easily take the digital currency to levels of $587 in the very near term.

Hourly chart for BTC/USD
Hourly chart for BTC/USD

On the hourly charts, BTC/USD hit an intraday low of $609, but saw a huge pull back from that level, despite staying within the narrow range formed over the last few weeks. The resistance level remains at levels of $616 in near term, whilst the relative strength index for the digital currency has given a fresh buy signal, which indicates that till the time the support level is held we may well see BTC/USD head higher in the near term.

In other fundamental developments, Bitcoin received a boost with the news that Bitcoin platform providers such as Shopify and Intuit are reporting higher growth in their businesses. Intuit’s PayByCoin, which adds Bitcoin to QuickBooks Online in order to allow small entrepreneurs accept payments in virtual currency, reported an encouraging response from its small businesses.

Chamber of Digital Commerce (CDC) headed by former Forbes columnist Perianne Boring, has been formed to lobby for Bitcoin regulation through its three-step smart strategies, which include Government relations, Media awareness and reaching to the grassroots of Bitcoin users. The main agenda of the group is to protect Bitcoin from harsh regulations that could impede its efforts to progress