We have long accumulation which is played upward , this is a a good sign for bulls and there is a high probability of going higher to the next targets 8650$ and 9100$ but we can expect it only after breaking out 7700 $ and fixing above .From the other hand fixing under 7200 $ can trigger motion to 6800 support.Similar accumulation was before and we can wait for similar move.
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Trying to fix above 7700
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Going up
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There is one intermediate resistance lvl on 8300$
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Trade active
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8600 still can be reached
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Staying under the strong lvl(8300$) increases the chance of going higher
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Situation has repeated but a little bit earlier than I supposed. After accumulation BTC showed the growth than staying under the strong lvl 8300 and went down.But scenario is very similar to previous in April and May. I guess that BTC can easily set the new bottom
it will soon be apparent that the idea of bitcoin going to $5,000 or $3,000 was just a propagated story that the big players used to help them accumulate in $6,000 - $7,000 ranges.
Just to the left of the long accumulation, it looks like the right shoulder of a reverse head-and-shoulders formation. And it looks like, as is prominent in the formation, there's a resistance at the neck-line. Which, if the formation holds, there might be similar retracement as the right shoulder and if after the left shoulder is formed the trend breaks through that neck line, we might see bitcoin reverse it's recent drop. BUT, there's not enough volume, at least relative to YTD, to support the momentum but that might change.
and quite possibly anything under $10,000.