In the last few weeks Bitcoin was able to form a series of Higher Highs (HH) and Higher Lows (HL). The latest Higher High was at the price of 7469. As discussed in our last analysis, we expected that Bitcoin would form a Higher Low at a price of 6600. After forming that Higher Low, Bitcoin was able to push back up again, but was rejected at the price of 7250.
For now it seems that we lost our momentum and Bitcoin is not able to form a Higher High again. That said, the Bitcoin block reward cut is coming really close right now. With only 21 days left, the pressure on the price of Bitcoin will go up. We expect that the price of Bitcoin will surge to the upside in the last week before the Bitcoin block reward cut. At that moment the FOMO will kick in, and we can easily see Bitcoin going to 9 or even 10K..!
As far as we can see now, Bitcoin have a few support levels were we can bounce off at; We have the first level of support just above 6600. If Bitcoin is able to hold that one, we might be able to form a Higher Low over there, which means that the series of Higher Highs and Higher Lows is still intact.
The chance of doing this is unfortunately not that big, so we expect that we will fall back a little bit lower to the next level of support at 6200. The last level of support would be at 5800. This could be a nice level to buy back in. If none of these levels will hold, Bitcoin will be in sirious trouble and will fall back to a minimum of 5K and maybe even lower. So far we don't expect anytime soon that Bitcoin will fall below these levels.
If we check Bitcoin on the Weekly Time Frame, we can clearly see that Bitcoin is losing its momentum and is forming a reversal. You can see that Bitcoin is forming Lower Highs.
Something that is interesting to mention is that instead of Bitcoin, Ethereum is still holding its series of Higher Highs and Higher Lows. Ethereum is looking much stronger at the moment than Bitcoin does. As we already expected earlier this year, we still think that Ethereum will outperform Bitcoin this year.
For now we have to wait for both markets to see what it will do.
A short overview:
Thank you for reading and let me know what your opinion is about the current Bitcoin and Ethereum price!
For now it seems that we lost our momentum and Bitcoin is not able to form a Higher High again. That said, the Bitcoin block reward cut is coming really close right now. With only 21 days left, the pressure on the price of Bitcoin will go up. We expect that the price of Bitcoin will surge to the upside in the last week before the Bitcoin block reward cut. At that moment the FOMO will kick in, and we can easily see Bitcoin going to 9 or even 10K..!
As far as we can see now, Bitcoin have a few support levels were we can bounce off at; We have the first level of support just above 6600. If Bitcoin is able to hold that one, we might be able to form a Higher Low over there, which means that the series of Higher Highs and Higher Lows is still intact.
The chance of doing this is unfortunately not that big, so we expect that we will fall back a little bit lower to the next level of support at 6200. The last level of support would be at 5800. This could be a nice level to buy back in. If none of these levels will hold, Bitcoin will be in sirious trouble and will fall back to a minimum of 5K and maybe even lower. So far we don't expect anytime soon that Bitcoin will fall below these levels.
If we check Bitcoin on the Weekly Time Frame, we can clearly see that Bitcoin is losing its momentum and is forming a reversal. You can see that Bitcoin is forming Lower Highs.
Something that is interesting to mention is that instead of Bitcoin, Ethereum is still holding its series of Higher Highs and Higher Lows. Ethereum is looking much stronger at the moment than Bitcoin does. As we already expected earlier this year, we still think that Ethereum will outperform Bitcoin this year.
For now we have to wait for both markets to see what it will do.
A short overview:
- We are below the 20 Daily Moving Average (currently at 6983)
- Bitcoin block reward will cut in half in 21 days
- Support levels at: 6600, 6200 and 5800
- Resistance zones at 7200 and 7400
Thank you for reading and let me know what your opinion is about the current Bitcoin and Ethereum price!
