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BTC/USDT

Bitcoin turned down from $22,527 on July 8 and broke below the 20-day exponential moving average (EMA) ($21,164) on July 10. This suggests that traders who may have bought at lower levels booked profits and the aggressive bears initiated short positions.

The BTC/USDT pair could decline to the support line of the triangle. This is an important level to watch out for because a bounce off it will suggest that the bulls are accumulating near this level. The buyers will then again try to clear the overhead hurdle at the 20-day EMA and push the pair to $23,363.

A break and close above the 50-day simple moving average (SMA) ($24,496) will suggest that the pair may have bottomed out.

Conversely, if the price breaks below the support line, it will indicate that bears are in control. The sellers will then attempt to sink the pair to the strong support zone between $18,626 and $17,622.