The SPX is currently challenging new highs. Just like in 2015 where there was a period of resistance, that was eventually broken, I see this market going higher in a few months.
It appears that this latest week which is ending today is a reversal candle which will lead to $3500 BTC. If we find support at the $3500 level you should see a bounce to the $5500 level. Otherwise we should find a level of support around the ~$2000 level.
The next couple of months should present us with a good buying opportunity for Bitcoin. We could still see a crash below the baseline but I expect the support level should always force the price to close above it on the monthly candle.
There is clear price resistance at the 100 Day Moving Average. Expect more resistance at the top of the falling wedge. If we break that resistance point I expect the price to continue upward.
There is a very clear ascending triangle forming in the DJI I expect it to break to the upside by end of August. Because it Is supported by the 52 Week Moving Average I give it a 70% probability of bullish move in August.
A few days ago when the 100 day moving average crossed above the 200 day moving average the price reversed. This may be a short term reversal if the price stays under the 50 day moving average.
There are multiple points of support that indicate bitcoin is in a large falling wedge. The current price is being suppressed by the 50 day moving average and it is likely that the price of bitcoin will fall to $5600 by the end of the week. If the price closes below the ~$5600 range we could be in some serious trouble.
