Bitcoin (BTC) Price Analysis for July 18

The week is ending under bulls’ dominance, according to CoinStats.

BTC/USD

The rate of Bitcoin (BTC) has gone up by 1.29% since yesterday.

On the hourly chart, the price of BTC might have set a local support of $118,475. However, there are low chances of seeing sharp moves by tomorrow as most of the daily ATR has been passed.

Respectively, sideways trading around $120,000 is the most likely scenario.

On the longer time frame, none of the sides has seized the initiative yet. The volume is low, which means neither buyers nor sellers have enough energy for sharp moves. All in all, traders may witness consolidation in the zone of $117,000-$120,000 by the end of the week.

From the midterm point of view, the price of the main crypto is far from key levels. In this case, one should focus on the previous candle high of $119,482. If the bar closes far from it, there is a chance to see a local decline to the $110,000-$115,000 range.

Bitcoin is trading at $119,377 at press time.