16-17 July Bitcoin price prediction: BTCUSD technical forecast


Bitcoin headed back to $6500 today after a wild drop in the last days of last week. The following 16-17 Bitcoin price prediction looks at BTCUSD based on Elliott wave theory.

From technical analysis perspective, Bitcoin is getting ready for a big rally. Some of that has been seen so far today as price gain more than $250 to currently be trading between $6500-$6600. In the last update, we looked at the possibility of an ‘inverted head and shoulder’ pattern. This pattern is a reversal pattern and price often goes in the opposite direction if it breaks out of the pattern. From Elliott wave theory perspective, an important wave pattern completed at $5800. At the end of this pattern, price rallied swiftly to $6800 and failed three times to break above it before dropping back to $6000. The current rally is playing out just as we expected in the last update where the chart below was used.

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.

16-17 Bitcoin price prediction: what next?

The chart above shows the reversal patterns with base at $5800 and neckline at $6800. Price is now rallying back to $6800. A breakout above the $6800 neckline, we should see price advance further to $7800 . Once price gets to the bullish target, we can check if it’s corrective or impulsive. The former would see price limited upside before a fast drop while the latter would assume further rallies above $7800 up to $9000-$10000. Stay tuned for the next update.

Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.

Don’t forget to share this analysis with people that matter to you.

    Share Your Opinion, Write a Comment