Bitcoin touched the $7800 resistance zone today. Will it break above to set higher prices? The following 23 July Bitcoin price prediction looks at BTCUSD technical forecast based on Elliott wave theory.
Since BTC broke above $6800, the next hurdle has been the $7800 level. If the bulls manage to break above this zone significantly, we might see it aiming $10000. Today, price hit this level and now testing it. In the last update, we had expected the intraday bearish correction would continue before price resumed upside. The chart below was used in the last update.
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.
Price didn’t complete the head and shoulder reversal pattern, therefore a drop didn’t happen. Price took a higher high swing instead. The chart below shows the new update.
23 July Bitcoin price prediction: what next?
Price still looks bullish and set to break above $7800. But until that happens, the bearish correction is still a big possibility. At $7800, price is making a divergence pattern with the MACD histogram and signal line. This is a sign of reversal or side way move approaching. If price drops, we should expect it to be contained above $690 before the bullish move continues. Otherwise, a decline below $6800 would be seen and will get worse for the bulls. 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.