BTC/USD 13 July Analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Chart Overview :
- Daily candle have fail to maintain support from MA20 (blue line) and confirmed that level as resistance (red circle) by testing it during 11 - 12 july
- Candle moving inside falling wedge pattern (grey line) with the tendency to test it's support line.
- Strong support is being provide by major supportline (red line). This supportline must not be violated in order to have a mid-term bullish outlook.

Prediction Summaries
- Bitcoin will continue it's downtrend towards critical support (yellow area) range 5750 - 5900. From here there will be 2 scenario. First if candle succeed holding above it, then we will see a reversal or at least sideways for upcoming short-terms outlook. Second when the support is being violate then we will see price heading to 54xx or 50xx.
- Downtrend prediction favour is about 70:30. And will be invalidate when there's a daily candle imprint above 6520.

Key Level :
- Resistance : 6520
- Support : 5900 - 5750; 5499, & 5085

Trading Range Prediction (for approx. a week ahead) :
- Optimist : 5900 - 6900
- Realistic : 5400 - 6600
- Pessimist : 5000 - 6300


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