On July 15, 2019, the Bitcoin price reached a low of $9991. A gradual increase ensued. The next day, BTC reached highs over $11,000. However, a rapid decrease followed and the price decreased by more than 15 percent the same day.

Bitcoin Price: Trends and Highlights for July 17
- BTC/USD has been decreasing since June 27.
- The 10- and 20-day moving averages have made a bearish cross.
- It is likely in the final wave of an A-B-C correction.
- There is support near $8000, $7000 and $5200.
- BTC is following a short-term descending support line.
Bitcoin Price: Candlestick Analysis
A look at the daily candlesticks shows that yesterday’s decrease cleared a significant support area. This is likely a sign that sellers have taken control.


BTC Price Correction
Bitcoin has been decreasing since reaching a high of $13,764 on June 26. It is likely correcting, following an A-B-C wave count. We discussed this in detail in our previous correction analysis.
Support
Below we have outlined several possible support areas for the completion of this subwave.
Short-Term
In the short-term, the BTC price is following a descending support line.
Summary
BTC suffered a rapid decrease on July 16. It is likely in the final wave of a broader correction that began on June 27. According to our analysis, it is likely to reach at least one of the support areas outlined above. Do you think the BTC price will reach the support area? Join our community in Telegram.Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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