19 July Bitcoin price prediction – BTCUSD technical forecast

Bitcoin rally has slowed down today. How deep can a possible decline be? The following 19 July Bitcoin price prediction looks at BTCUSD technical forecast based on Elliott wave theory.

After this week strong rally above $6800 resistance, price has slowed down today. Price is currently between two important zone that will decide the next direction. We have a resistance zone around $7800 and a support zone at $6800. Technically, a bridge of any of these levels would give us much clue on what price is planning next. A bridge above the $7800 resistance could see price through to $10000 while a dip below $6800 will likely see it retest the $5800 and even make a new low. The chart below was used in the last update where we discussed about these two important price zones.

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. 

It seems, from today’s price action, that there will be a bearish correction. Let’s use the Fibonacci technical tool to see the levels in-between these two zones as the chart below shows.

19 July Bitcoin price prediction: what next?

After completing a ‘three rising top’, it seems we will see a deeper correction before the next move upside. Price could be supported after a minor dip at $7000. A much deeper move below $6800 might see price retest $6000. In the coming days, we would see how far this dip goes. 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