Bitcoin Price Analysis: Are The Bullish Signals Right?
Having lost more than 5% for the last week and having fallen at some point closely to a mark of $6100, the first cryptocurrency, nevertheless, is closer to days off has begun to show careful positive dynamics.
Last week was held with the advantage of bears, another attempt was made to breakdown the level of $ 6000, which, however, resisted.
Despite the fact that the week for the bulls ended not too positively, there are a number of moments that inspire confidence. Firstly, this is another wave of rumors about the Bitcoin ETF launch: if this happens, huge money will flow to the cryptospace.
Secondly, there is a very positive technical signal, which we will consider in more detail.
Level of $7000 about which it was told prewious week hasn't been overcome, and on July 10 the price a powerful step has gone down. Then it became obvious that if around $6100 — $6200 there is an accumulation of volumes and a release, then the right shoulder of a potential figure "the turned head and shoulders" can be created.
Here's how it looked on July 10:
And the price dropped clearly to the level of the right shoulder and began its rebound. Here's how it looks now:
What is necessary for the figure to be realized and what are its targets?
Secondly, BTC/USD need to pass the level of $ 6,800- $ 7,000, which has not yet given in to bulls. The goal of the movement will be about $ 7,600.
Approximately the same level is visible on the daily time frame, being the upper boundary of a flat triangle.