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.
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