Bitcoin Weekly Brainstorm - Refer to Comments Section as Well...

$8,350 will be LIKELY support on this current stint of downward pressure. I personally believe the downward pressure is not quite complete yet. Yes, we are currently experiencing upward pressure but I believe it will be short-lived and we resume with downward pressure to find bottom around $8,350 the last week of July or first week of August with the 60-MA acting as support in the 2-Day TF or the 120-MA acting as support in the Daily (24h) TF.

If you haven't noticed, the short contracts on BitFinex (6,160 contracts) are MUCH LOWER than the long contracts on BitFinex (22,500 contracts). This is another reason I believe this downward pressure will likely continue till the last week of July or first week of August.

I do anticipate upward pressure for most all the month of August before we experience bear market for most all of September. The month of September is usually a bear month if you refer to other "Septembers" in history.

I'll follow up shortly with a 2-Day chart and a Daily (24h) chart to identify possible range for entry on what may likely be a continued dip down further.

Comment:

2-Day TF:

Daily TF:

Comment:

A further look at Godmode indicator and Phoenix Ari indicator in this 2-Day TF:

Comment:

A simple update with the Daily (24h) TF:  It's still "on" for the price to drop to a price point somewhere "in the future" between the 100-MA and 120-MA in the Daily (24h) TF.  The 100-MA and 120-MA "should" continue rising even as the price is dropping.  I'm anticipating the price drop to meet somewhere between those two moving averages in the Daily (24h) TF inside the light green box placed here on the chart.

An update to look at the indicators in the 2-Day TF (below):