Bitcoin has been bullish this week and now at the neck of an important resistance zone. Will there be a break upside? The analysis below is based on 17 July Bitcoin price prediction using Elliott wave theory.
This wee,k Crypto rally has confirmed the end of two technical price patterns on BTCUSD. There is a clear bearish impulse wave completed which came after price broke out of a 2-month triangle pattern in the 1st week of June. The impulse wave could be followed by a minor bullish recovery in the form of a corrective pattern. It could also mean the long term bearish correction has ended and price would make complete bullish recovery. The former is more likely – price making a minor bullish recovery in form of a corrective pattern and drop for lower prices. That’s still some time to come. At the present, an ‘inverted head and shoulder pattern’ completed just at the base of the impulse wave. The neckline stays at $6800. The chart below was used in yesterday’s update.
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.
17 July Bitcoin price prediction: what next?
Price has rallied to the resistance zone the third time in about a month. Should we see a break above this zone, we should then expect price to advance further to the $7800 resistance level. If price rejects this zone once more and drop below $6000, then $3000-$4000 is going to happen. Stay tuned for the next update.
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