Looking at 4-hour chart for Bitcoin , we start to see the pattern is forming.
Currently, Bitcoin is sitting at $6600 resistance and we should expect some minor up and downs between $6450-$6600 range. ( oversold)
After this accumulation phase, Bitcoin will retest $6800 level, which has been acting the major resistance for over a month.
$6800 will be the crucial level for Bitcoin as it will decide the fate of Bitcoin in next few months. If Bitcoin can't break from this level, I am afraid we will see high selling pressure and find support at $6000 again. However, if Bitcoin manages to breakout from $6800, we should expect 7.2-7.5K in next couple weeks or so (pink )
Investors, including myself, are highly anticipating the possibility of a Bitcoin by the August, and I am expecting a massive rally to occur.
It might a good time to accumulate more Bitcoin again :)
Scenario 1: target 7000 and find support at 6800
Scenario 2: more sideways movement followed by another pump to $6800 or $7000
Scenario 3: side way movement followed by bearish breakout down to $6500
Personally, I am very scared of playing bear as bulls are trying their best to defend $6700, so I will stick with scenario 1 and 2.
Currently, it is printing bearish divergence in hourly chart, and we need to see spike in volume and RSI higher than 80 in order to confirm breakout.
I expect some sideways movement in the next few hours or day to cool off the RSI so Bitcoin. There is no negative news as far as I know, so I am confident that we should see bull breakout.
Alt coins are also in consolidation mode, waiting Bitcoin to break from 6800 level.