Bitcoin was resisted at $6800 twice this month before dropping below $6400 today. What could happen next? The following 10-11 July Bitcoin price prediction looks at BTCUSD technical forecast based on Elliott wave theory.
The Cryptos are expected to form a bottom at the end of last month, to be followed by a strong bullish correction or total change of trend. Bitcoin rallied to $6800 last week but was unable to bridge it before dropping to $6400. In the last update, we expected it to decline a bit further to $6200 before a strong rally to $7300 at least. Price stayed at $6400, rallied back to $6800 and retested it twice yesterday. After another strong resistance, the bullish pressure relaxed and price fell to $6300 today. Despite the drop in price today, Bitcoin still looks at making a reversal pattern which if activated by price would lead to a big resurgence. Before we look at the new update, let's re-visit the last update where the chart below was used.
The chart above shows a leading diagonal at $6800 resistance price level. The diagonal could be wave 1 (circled) of an impulse wave drive or wave a of a bullish correction. The two scenarios are painting same picture in the short term. Price is expected to dip to around $6200 or thereabout and then rally above $7000. Whatever that happens afterwards will determine which of the scenarios would be more appropriate. A sudden move below $5800 will make this forecast invalid and send price toward $5000.
10-11 July Bitcoin price prediction: what next?
The chart above shows price dropping to $6200. There is a clear inverted head and shoulder pattern with neckline at the $6800 resistance. Price is expected to drive upside, break above $6800 and rally to $7300 in the coming days. $8200 is the next bullish target after $7300 if price breaks above $6800 as expected. If the head and shoulder is not activated and price drops below $5800, the next bearish target is $4000. Stay tuned for the next update.
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