Last time in our post we discussed the Bitcoin outbreak of 6450. Bitcoin created a higher high at 7472 a few days later. Until today we were ranging between 7150 and 7400. This morning we saw that Bitcoin dropped to 6860. In first place we expected that Bitcoin was in a rising wedge and that Bitcoin broke out this morning.
There was hardly any volume to “confirm” the price breakout. So we expect a different pattern to form now, otherwise we might be in a bear trap. If we are in a rising wedge and confirm that in the coming days), we might see Bitcoin falling back all the way to our previous low of 4800.
If we zoom out a little bit to the daily time frame, we can perfectly see where our current resistance and support is. If you look back, you can see that Bitcoin had a lot of contact with these levels. We now have the current support at a price range of 6840 – 6950 and the resistance at the price range of 7380 – 7450. As long as we can hold above this current range of support, we are still forming higher highs (HH) and higher Lows (HL).
We expect a (flash) drop to the 6600/6700 levels, after which we can go up again. Expected that this will happen in a timeframe of 4-6 days from now. First of all we need to break above the 20 Montly Movering Average again (currently at 6973). If we can break 7.4K again, we will see Bitcoin moving to 8K real soon.
From today we only have 30 days left from the upcoming Bitcoin block reward cut. We still truly believe that this is not priced in yet. Because of this we can see some FOMO kick in in the coming days/weeks.
A short overview:
Thank you for reading and let me know what your opinion is about the current Bitcoin price!
There was hardly any volume to “confirm” the price breakout. So we expect a different pattern to form now, otherwise we might be in a bear trap. If we are in a rising wedge and confirm that in the coming days), we might see Bitcoin falling back all the way to our previous low of 4800.
If we zoom out a little bit to the daily time frame, we can perfectly see where our current resistance and support is. If you look back, you can see that Bitcoin had a lot of contact with these levels. We now have the current support at a price range of 6840 – 6950 and the resistance at the price range of 7380 – 7450. As long as we can hold above this current range of support, we are still forming higher highs (HH) and higher Lows (HL).
We expect a (flash) drop to the 6600/6700 levels, after which we can go up again. Expected that this will happen in a timeframe of 4-6 days from now. First of all we need to break above the 20 Montly Movering Average again (currently at 6973). If we can break 7.4K again, we will see Bitcoin moving to 8K real soon.
From today we only have 30 days left from the upcoming Bitcoin block reward cut. We still truly believe that this is not priced in yet. Because of this we can see some FOMO kick in in the coming days/weeks.
A short overview:
- We are again below the 20 Montly Moving Average (currently at 6973)
- Bitcoin block reward will cut in half in less than 30 days
- Support zone at 6840 – 6950
- Resistance zone at 7380 – 7450
Thank you for reading and let me know what your opinion is about the current Bitcoin price!
Comment:
It looks like we're forming a new GAP on the BTC CME Futures. Will this cause bouncing back to 7.3K?
