[ad_1]
Following a sharp increase in Bitcoin Price by the Bulls on a weekly basis, the Bears returned to the lead, refusing the price at the 50-week moving average, triggering six consecutive days of red candles, lowering the price to the previous support for $ 7,300. [19659002] Market Overview
Bulls will have to push hard over the weekend to save prices from falling back to $ 6,800, where the price initially broke out from a fund by Inverse Head and Shoulders.
The volume profile as shown on the right hand side of the daily chart illustrates that there is a void in the volume between $ 7,332 and $ 6,821 – which means a $ 7,300 break will probably see a quick move back to $ 6.800, where the previous resistance could turn into support.
The bulls found a recent temporary support in the $ 7,300- $ 7,500 price range, from which price action exploded overwhelmingly on the speculation of ETF prices – after many Bulls realized profits in the run of $ 8,500 and ahea Of any news, this can be seen as an opportunity to enter the market. The bulls will have to avoid a weekly closing of less than $ 7,500 – which would represent a complete retracement of the maximums achieved in the last week of July.
In the short term, we expect more conservative traders to look at prices above $ 7,700 for Bullish rumors and less than $ 7,300 as a bearish opportunity
Daily Chart
Another topic for the risk of a break it would be that a reversal at breakout level would represent a Fibonacci retracement of 61.8% from the lows to $ 5.780.
A rebound from the $ 6,800 range can give the bulls another try for $ 9,000 and the completion of a bullish advance AB = CD, where the AB lines ($ 5,700- $ 8500) and CD ($ 6,820- $ 8,980) they represent bullish legs while BC ($ 8,500- $ 6820) is referred to as retracement or correction.
A catalyst for this could be positive news from the SEC about the decision of the CBOE / VanEck / Solid X Bitcoin ETF scheduled for August 10 – or simply a longe
[19659006] Looking Ahead
In the absence of a bullish advancement, bears could try to capitalize on their AB = CD, which may have started at the May highs of $ 10,000 and complete towards $ 5,000 – with the recent run up that simply represents a correction phase in a broader downtrend from the December highs.
As we warned last week after a positive weekly and monthly closing, nothing fundamental has changed. With the price action fueled by ETF speculation, the fundamental narrative remains. I t it is important to remember that the bulls are trying to recover from the lows below $ 5,800. To confirm a bull market, you need to find a higher maximum of $ 10,000 followed by a lower minimum, otherwise the bears will capitalize on any uncertainty and will try to test $ 5,000.
Where do you think the price of Bitcoin will go this weekend? Let us know in the comments below!
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]
