So, where are we heading in the next few weeks? 5k or 9k?
Updated
here using the fib retracement, i tried to highlight the majority of the probable scenarios that we are facing so that we are able to think aloud together, then take into consideration the different factors in deciding which one is the post probable scenario.
thin black lines: probable weak
thin colored lines (red/green): more probable
thick colored lines (red/green): the idea
So lets take a look at the next week, the MACD and the RSI are indicating reverse as BTC seem to be over bought at this point, next week seem to have a bearish signal and it is likely to retrace to the $7.300 zone.
In the 2nd and 3rd weeks of August the RSI will be low, most likely the bulls will try to push it back to the 8,000 zone, in the mid of August will likely be the fight that everyone's been waiting for.
If the bears win we're likely reversing to the $5,800 zone as we would be forming a double top pattern which is very common in the btc universe.
If the bulls win we'll likely see the $9,000 $10,000 and $11,000 in the next following weeks depending on how much belief we still see in this icon, i believe at this point $9,000 is the most probable target as we are seeing some hope yet it is still at a cautious stage, plus the BTC will be over bought at that point.
thin black lines: probable weak
thin colored lines (red/green): more probable
thick colored lines (red/green): the idea
So lets take a look at the next week, the MACD and the RSI are indicating reverse as BTC seem to be over bought at this point, next week seem to have a bearish signal and it is likely to retrace to the $7.300 zone.
In the 2nd and 3rd weeks of August the RSI will be low, most likely the bulls will try to push it back to the 8,000 zone, in the mid of August will likely be the fight that everyone's been waiting for.
If the bears win we're likely reversing to the $5,800 zone as we would be forming a double top pattern which is very common in the btc universe.
If the bulls win we'll likely see the $9,000 $10,000 and $11,000 in the next following weeks depending on how much belief we still see in this icon, i believe at this point $9,000 is the most probable target as we are seeing some hope yet it is still at a cautious stage, plus the BTC will be over bought at that point.
Note
So as we can see the bears seem to have the lead of the move, we're likely to see reversal towards $6,700 within the next week, but be careful of the Head and Shoulders as we could be going down to $5,800 within the weeks that follow. Good Luck
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.