Bitcoin bull run since April reach ~ 9000s in end of May, currently, consolidation in the bottle neck line 7400-8000.
Mid term technical analysis: Bull need a mid term correction to continue healthy long bull run.
Indicator: Weekly RSI reach ~ 80 Daily RSI ~ 80-90 MA20 weekly ~ 5400 In a healthy bull run, price will periodically touch the major MA trend line, last bull run the trend line is MA 20 week, how about this time? I thought the difference should be small, depends on the strength of the bull MA15-MA20 should be a good support band for next bull run.
Short term technical analysis Bitcoin consolidate in band 7400 ~ 8000, drop from 9000, 7400 support line has been visited 4 times. shown good support in this region, but what will happen if strong support broken? Let's watch closely for the support ~ 7400 and resistance ~ 8100, two scenario has been proposed if support/resistance level broken. Good luck, have a nice day!
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If you ask me which side I will choose, I choose down!
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market chooses down, is the same as my choice, H&S is forming, I think we will see the test ~ 7400 soon, depends on volume, after that, next support~ 6900 will be tested.
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market choose the up direction, but closely watching the 8000~8100 resistant area, if break with good volume, the trends may back to upward again.
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Resistance ~ 8100 break with good volume, but need to hold momentum in range 8050~ 8100, if we see the price keep above this range in following two days, high probability bitcoin will move to next resistance ~ 8500
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Can bitcoin hold 8050? is a question, up or down? time to decision?
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down just as our plan? bears need more volume!
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Bull is so strong, good battle!
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Great! up, up, up!
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A upward channel formation, 8300 ~ 8500 is the resistant region, if bitcoin can keep in this region and in the upward channel, no doubt keep the bullish momentum.
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And one thing we should care is from daily chart: the position ~ 8300 is very important also, have possibility to form a right shoulder. if it formed, a bearish view on mid term is reasonable.
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can bitcoin hold above ~ 8330? it's the most important line need to hold, bull or bear, depends on 8330
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good to see bitcoin retest the support ~ 8330, and hold above the support line, but seems like have big resistance ~8450, need to push up in short time, if failed, may form a double top. anyway, we may see another rester ~8330 if break 8450 failed.
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so far so good, next stop ~ 8560
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Okay, target reach, very bullish! even impulse outside the uptrend channel, first support ~ 8530, second support ~ 8430, third ~ 8360.
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Let's review the big picture, in the up side, only two resistance need to break out, first one is around ~ 8730, second is ~ 9000
but I think bulls need to take a break to gain some momentum and restart upward move.
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seems like a triangle will be formed, two scenario, which one would you like?
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I never saw a bear like this! but I thought if we see the real short strength, it will be huge!
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What's next? if hold ~ 8740 as long as possible, we will see final battle ~ 9000.
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Just a little worry about the volume, is in decrease trend, let's see how about the volume try to break ~ 9000.
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we see the real volume, including the bull and bear, 9000 is the battle field, Bulls should keep above 9000, bear need to continue short with decent volume. it's the time to watching closely, if break 9000 with high volume, short would be a good choice!
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volume is not good for long after drop from ~ 9300. and current resistance is around ~ 9060
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bull in order to continue, two support should hold, first one is 8900~8940, to form a higher low, initiate upside move again, second is ~ 8830, if this support cannot hold, a down side channel is possible to form, this is the worse case to happen.
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Okay, the first scenario happen, the current market like bulls lost , see the volume each time try to break the support, need real volume, else bears may take over the game.
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move just as our expected.
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9000 should be hold, otherwise ~8800 will be tested.
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well, the same as predicted. downside channel form, if 8980 cannot hold , let's see ~8830
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I write a midterm prediction for bitcoin price, pls refer to as below:
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next step, retest the higher low?
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break previous high failed, need to hold the higher low to prevent short term change.
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After FOMO in yesterday evening, seems like bear take over this game, next following days is a good opportunity to short bitcoin! let's see together how to short!