Since our last analysis, Bitcoin’s price has already done a lot! We predicted that Bitcoin should fall/drop to the 6600/6700 levels within a time range of 4 to 6 days. Earlier this week Bitcoin already dropped to the 6550 level, but this was not within our predicted time range. We did expect that this was not the Higher Low (HL) we predicted earlier.
Today (the last day within our time range) Bitcoin created a Higher Low (HL) at the 6450 levels. This is lower than we expected, but as always it remains Bitcoin, and Bitcoin keeps as always volatile. A few hours after Bitcoin did created that Higher Low (HL), Bitcoin started to pump again all the way to the 7150 levels. For now it seems that Bitcoin was rejected by the previous Lower High (LH) at 7150. Bitcoin’s current (Lower Timeframe (LT)) support is between 6900 and 6950. If We lose that level again, we will see Bitcoin dumping back to 6500, 6200 or even 5800.
At the moment of writing Bitcoin is still keeping its pattern of forming Higher Highs (HL) and Higher Lows (HL). You can clearly see this in the picture below:
Something esle that is important to give a look, is the Hash Ribbon. As we look at the Hash Ribbon, we can clearly see that Bitcoin is still in its capitulation stage, but coming closer and closer to the end. The Hash Ribbon indicator is a great tool, that in the past gives some good indications of the Bitcoin Price, with buy opportunities.
So far after every Bitcoin block reward cut, there was a captulation stage. Now it seems that we already in this stage before we have the Bitcoin block reward cut..!
Does that means that the price of Bitcoin will start rising after the Bitcoin block reward cut?
A short overview:
Thank you for reading and let me know what your opinion is about the current Bitcoin price!
Today (the last day within our time range) Bitcoin created a Higher Low (HL) at the 6450 levels. This is lower than we expected, but as always it remains Bitcoin, and Bitcoin keeps as always volatile. A few hours after Bitcoin did created that Higher Low (HL), Bitcoin started to pump again all the way to the 7150 levels. For now it seems that Bitcoin was rejected by the previous Lower High (LH) at 7150. Bitcoin’s current (Lower Timeframe (LT)) support is between 6900 and 6950. If We lose that level again, we will see Bitcoin dumping back to 6500, 6200 or even 5800.
At the moment of writing Bitcoin is still keeping its pattern of forming Higher Highs (HL) and Higher Lows (HL). You can clearly see this in the picture below:
Something esle that is important to give a look, is the Hash Ribbon. As we look at the Hash Ribbon, we can clearly see that Bitcoin is still in its capitulation stage, but coming closer and closer to the end. The Hash Ribbon indicator is a great tool, that in the past gives some good indications of the Bitcoin Price, with buy opportunities.
So far after every Bitcoin block reward cut, there was a captulation stage. Now it seems that we already in this stage before we have the Bitcoin block reward cut..!
Does that means that the price of Bitcoin will start rising after the Bitcoin block reward cut?
A short overview:
- We are just above the 20 Daily Moving Average (currently at 6804)
- Bitcoin block reward will cut in half in less than 30 days
- Lower Timeframe Support zone at 6900 – 6950
- Resistance zone at 7380 – 7450
Thank you for reading and let me know what your opinion is about the current Bitcoin price!
