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Bitcoin Price Analysis: On The Way To A Multi-Month Resistance


Last week, as predicted in the prewiev analysis, culminated in growth. Still, on a weekly time frame, the reversal candles work perfectly. 

The closing level of the week was about $ 200 higher than the opening level. Despite such a small difference, the movements inside the day were quite powerful and interesting.

However, the nearest growth target is not met, the level of resistance and accumulation of shorts is slightly higher - in the $ 6900- $ 7100 zone. This week I expect the price to rise to this level.

The chart below illustrates a blue rectangle - this is a sales area where shorts will begin to accumulate and the price will likely rebound with a high probability.

Also it is necessary to pay attention that at the end of the week month comes to the end and it is very important how the monthly candle will be created. So far it has a bear body.

The positive level of the month's close markes the yellow horizontal. Then in October there will be good chances to break through the months-long resistance, which is now located in the region of $ 6900- $ 7100.