Bitcoin is about to close below $8000 this week. What should we expect in the coming week? The following 21-22 July Bitcoin price prediction gives technical clues.
The Cryptos are bullish this week especially Bitcoin. BTCUSD was close to hitting $7800 resistance level late this week but a fast dip followed and pushed it below $7500. It seems price will stay below $8000 this week and resume bearish next week to make deeper correction. In the last update where we used the chart below, we highlighted important support levels where price could drop to before deciding its next direction.
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.
21-22 July Bitcoin price prediction: what next?
Just beneath the resistance zone, we are having another head and shoulder reversal pattern formation. If this pattern completes and break below the $7200 neckline, we are going to see a dip down to $6800 support level. A bridge below $6800 might lead to another fast bearish move below $6000. If the dip is minimal and stays supported at $6800, a fast rally above $7800 up to $10000 is much likely. Stay tuned for the next update.
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