This is my best analysis so far and I will use it as a reference until I break all 3 red resistances.
Explaining a little how I defined these resistances:
Resistance I: Area formed between the 50% red line of the gray channel, the 0.5 Fibonacci retracement line (based on the beginning of this year) and the two boundary lines of the BTC bull channel
Resistance II: Before the price of BTC broke incredibly downward, there was an uptrend channel. The upward sloping red line uses the main supports earlier this year to define the boundary of this channel. The area of resistance 2 is formed through this line and the line of the two highest points of BTC in May. There is also a fibo retracement line at 44507 that could serve as a resistance even before BTC hits that Resistance II area.
The Fibonacci retracement used uses the second pivot to set the high high of $49k. If it exceeds this value, BTC goes to resistance III
Resistance III: Finally BTC will be about to break the downtrend channel (grey). It will probably be one of the strongest resistances. However if BTC exceeds the value of 51k dollars, all the newspapers will show that BTC is on an uptrend again (with more than 60% increase in the last few weeks) and this will make BTC snowball with people from all over the world interested in buying BTC.
When considering that the 4-year BTC cycle of BTC only takes place in December. There is a high possibility that BTC is just starting an incredible uptrend by the end of the year towards 150k to 185k dollars.
Another very interesting factor so far is that BTC is going straight up. This means that so far no notable pivot has emerged to make long-term Fibo-retracement. The formation of the first pivot can happen at resistance I and this causes the fibonacci retracement to show a high high up to 81k dollars. The formation of the second pivot can happen at resistance II and this will cause using Fibonacci retracement at the second pivot to indicate a high high of 150k dollars. The third pivot can happen in resistance III, but it will only be used if BTC exceeds 150k dollars. In this case the maximum would be approximately 210k dollars at the end of the year.
One more detail to be considered is that BTC has always shown a strong upward trend starting on the 20th, 21st, 22nd of any month and starting to fall on the 5th, 6th, 7, 8, 9th of the following month. This analysis above takes place during the 20th of July until the 9th of August. So it is under this bullish gap.
Furthermore, on August 4th, EIP 1559 will be implemented in Ethereum which will make ETH faster, with less fees. Increasing demand in this way and to cover the costs of ETH fees will burn a percentage of ethereum, thereby decreasing supply. Using fundamental analysis this will be a great reason to increase the value of ETH in early August, and probably if ETH grows, BTC will grow accordingly as they are the main cryptocurrencies.
Explaining a little how I defined these resistances:
Resistance I: Area formed between the 50% red line of the gray channel, the 0.5 Fibonacci retracement line (based on the beginning of this year) and the two boundary lines of the BTC bull channel
Resistance II: Before the price of BTC broke incredibly downward, there was an uptrend channel. The upward sloping red line uses the main supports earlier this year to define the boundary of this channel. The area of resistance 2 is formed through this line and the line of the two highest points of BTC in May. There is also a fibo retracement line at 44507 that could serve as a resistance even before BTC hits that Resistance II area.
The Fibonacci retracement used uses the second pivot to set the high high of $49k. If it exceeds this value, BTC goes to resistance III
Resistance III: Finally BTC will be about to break the downtrend channel (grey). It will probably be one of the strongest resistances. However if BTC exceeds the value of 51k dollars, all the newspapers will show that BTC is on an uptrend again (with more than 60% increase in the last few weeks) and this will make BTC snowball with people from all over the world interested in buying BTC.
When considering that the 4-year BTC cycle of BTC only takes place in December. There is a high possibility that BTC is just starting an incredible uptrend by the end of the year towards 150k to 185k dollars.
Another very interesting factor so far is that BTC is going straight up. This means that so far no notable pivot has emerged to make long-term Fibo-retracement. The formation of the first pivot can happen at resistance I and this causes the fibonacci retracement to show a high high up to 81k dollars. The formation of the second pivot can happen at resistance II and this will cause using Fibonacci retracement at the second pivot to indicate a high high of 150k dollars. The third pivot can happen in resistance III, but it will only be used if BTC exceeds 150k dollars. In this case the maximum would be approximately 210k dollars at the end of the year.
One more detail to be considered is that BTC has always shown a strong upward trend starting on the 20th, 21st, 22nd of any month and starting to fall on the 5th, 6th, 7, 8, 9th of the following month. This analysis above takes place during the 20th of July until the 9th of August. So it is under this bullish gap.
Furthermore, on August 4th, EIP 1559 will be implemented in Ethereum which will make ETH faster, with less fees. Increasing demand in this way and to cover the costs of ETH fees will burn a percentage of ethereum, thereby decreasing supply. Using fundamental analysis this will be a great reason to increase the value of ETH in early August, and probably if ETH grows, BTC will grow accordingly as they are the main cryptocurrencies.
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