pkurpis

BTC outlook for 2-3months

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

Camarilla 3rd level monthly trend analysis (long term)
May vs June R3 under S3 (Most Bearish relationship)
Monthly close under S3 might spark drop to S4 - 21K where could find strong support from 2 months S6 and June S4 (multiple levels - Power Of Confluence)
July Developing 3rd level (dotted lines) creating same S3 level @29.2K Bears will really need to try to push under this double month strong support

VPA is the King, any high volume (above Avg ) candle patterns around S3 level would confirm bearish or bullish scenario
Bullish scenario: June closing above developing R3 - 36.4K, then we might see a rally to R3 of June - 45.4K from where it will pull back to max monthly S1 to continue the bull run.


Central Pivot Range ( CPR ) Monthly trend analysis (long term)
Current outlook: Bearish . May’s very tight CPR predicted break up or down (in this case down).
Relationship vs June - CPR is under May’s Bottom Central ( BC ). The last 3 days were just a pullback with decreasing volume . Monthly New Low = Bearish .

Bullish Scenario: Month close above July’s developing R1 @ 39.8K (current Bottom Central ( BC ))

Central Pivot Range ( CPR ) (short term)
Current outlook: Bearish , price keeps rejecting and never closing above CPR - 35K
Bullish scenario: need to close the day with Above average Volume , above CPR - 35K

Candles:
2 Hammers with above average volume = Bullish
Candle pattern looks similar to the beginning of May (8-10th), where R1 was strong resistance and we saw drop to S4, then to S5.
All June was failure @ R1, we might see touch of S4 - 21K


Value Area High-Value Area Low (VAH-VAL) Relationship
VPOC at the same level for 2 months - 36.5K
VAH-VAL Relationship is inside day, means, upcoming month we might see breakout up or down (depends on candles on Above Average Volume (VPA))

Stay Strong

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