This week, Bitcoin made the biggest rally since April. Will price continue upside? The following 18 July Bitcoin price prediction shares technical insights on BTCUSD.
In our last update yesterday, prior to the big rally, we explained how important for the bulls that price breaks above $6800 resistance level. In the recent weeks, price tried more than twice to break above this level. The breakout above $6800 was the breakthrough the bulls need for some fresh air. Before the breakout, we saw two important reversal patterns confirming the $5800 low. With this breakout, it looks almost inevitable for price to hit the next resistance level at $7800. Let’s review the last update where the chart below was used.
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.
18 July Bitcoin price prediction: what next?
Price should hit $7800 resistance zone. There might be a little corrective dip from there before price pushes above. If the bullish momentum is strong enough to break above, price should be on its way to $10000 with a bullish impulse wave. If this happens with the same speed, we should be getting ready for a real bullish recovery. In the other way, if $7800 still stands on the way and price gets back below $6800, we will consider the end of a Zigzag correction and expect price to dig deeper than $5800 low. Stay tuned for the next update.
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