Since 08/14 we have seen an increase in Btc cap by 4.3billion, btc has been bouncing between 6,600 resistance and 6,250 support over the last 3 days. Btc has pushed thru to 6620 but could not close above that resistance level. It has not touched the 6,250 price point in 3 days now with higher lows each day.
The volume we’ve seen within the last month has been about double compared to the month/two months prior.
The indicator group I use (MacD, TRIX, Stochastic) are all showing a slowing of buying pressure
I see the next few days playing out with a slow rise and a bounce off the 55 EMA and back down to 6,450 price level support OR a push thru (and CLOSE on the daily) which could lead us back up to the top of the falling wedge that btc is still in.
We need an increase in buying pressure Monday/Tuesday in order for a break thru to the 6,800-7,000 price level.
This consolidation the last 7 days looks very similar to the consolidation that occurred from the end of May dip during the first week of June. A Close above the 6620 price level is what is needed or another dump off is probable.
The forecast show my prediction on where price may end up over the next 1-3weeks depending on what happens at the beginning of this week.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
Bitcoin current price 6,505
Completed 6:47pm (UTC - 7 ) Los Angeles
The volume we’ve seen within the last month has been about double compared to the month/two months prior.
The indicator group I use (MacD, TRIX, Stochastic) are all showing a slowing of buying pressure
I see the next few days playing out with a slow rise and a bounce off the 55 EMA and back down to 6,450 price level support OR a push thru (and CLOSE on the daily) which could lead us back up to the top of the falling wedge that btc is still in.
We need an increase in buying pressure Monday/Tuesday in order for a break thru to the 6,800-7,000 price level.
This consolidation the last 7 days looks very similar to the consolidation that occurred from the end of May dip during the first week of June. A Close above the 6620 price level is what is needed or another dump off is probable.
The forecast show my prediction on where price may end up over the next 1-3weeks depending on what happens at the beginning of this week.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
Bitcoin current price 6,505
Completed 6:47pm (UTC - 7 ) Los Angeles