Bitcoin Tightening Up for a Bigger Move (July 12 Forecast)

Bitcoin rallied a bit on Friday, rising to about $34K as we head into the weekend. For the past 2 months rallies such as today have been short-lived and provided more opportunities to fade the rally than anything. In the short-term, it looks like Bitcoin may continue to fade lower.

(July 8, 2021 8:30PM EST)

Short-term:

If BTC breaks below the $30K level, then it’s likely that we see a $10K move based upon the consolidation pattern, making $20K the next target. If we break below $20K, then it’s likely that BTC goes much lower: $10K or maybe even the 2020 low around $5K. $20K is important as it’s the previous high of the 2017 bull market.

If BTC breaks above $40K, then we should see a rally to $50K as that would be a bullish divergence above the 200 and 50 Day EMAs. The order books show little selling resistance between $40K and $50K.

All else equal, although it looks like BTC is consolidating, it’s important to notice that BTC hasn’t been able to recapture the 200 Day EMA yet, giving credence to the short-term downtrend on the daily chart.

Support: $30K, then the 2017 ATH around $20K.

Resistance: $35K, then the 50 Day EMA just under $40K.

Originally published at https://www.publish0x.com.

--

--

--

Is this your best life?

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

A Major decentralized P2P insurance marketplace on Polkadot Ecosystem

STOs — THE FUTURE OF FUND-DRAISING

Filecoin Community Approves Change to Storage Provider Terminology

Today I collected some questions about the upcoming NFT, all from the community, I hope it will be…

#cyptocurrency

In-Depth Analysis on Stablecoin QIAN 2.0 — From Staking Loan to Token Swap

blocto

CAPITALB AMA Recapitulation - Meteorite

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
MoneyRedPill

MoneyRedPill

Is this your best life?

More from Medium

“How To Get Rich With Bitcoin Even If You Have No Clue About Technology”

How I Bought My Dream Home In Austin, TX For Under Asking Price Within A Month Of Searching

BlackRock Probably Owns You and Everything You Own 👺

Grow your wealth in a halal way