Jeffrey’s Weekly Projection of Bitcoin (6/25-7/1)

Last week, Bitcoin had an inflection point which led to a big fall on the 22nd.

The inflection point tends to result in a huge directional shift whether it’s upward or downward direction.

Especially, because the inflection point was at a low price, many predicted that the price would rise. Yet, contrary to the forecast a big drop has occurred again.

The main news last week about Bithumb exchange office getting hacked $35 million had not much impact on the market however.

This week’s moving average line is showing downward trend so we advise to watch the market with caution. But, we expect o see a rise in the overall direction and We are cautious because this week's downward moving average line is inversely related to the downward trend, but we expect to see a rise in the overall direction.

A significant price volatility is predicted to occur at 1 am on Wednesday, 27th.

 

Rising perspective

Bitcoin

In the previous pattern, the rebound of the bitcoin occurred at the price range between the 10-day to 20-day line and the 20-day line.

Keeping this in mind, we can expect a rebound of around $ 6450 to $ 6750.

However, remember that we are still in an unstable period with no support line to support candles chart.

 

Bitcoin 4-hour candle chart

You could see the appearance of long candles at dawn.

Instead of buying at a very low a point, you can set up a strategy to buy back when you see the patterns of inverse head-and-shoulder, double bottom, and so on.

As a supplementary indicator, the 4-hour candles have big waves in the lower part of ascension. In the previous chart, the period of such waves lasted usually 5 to 7 days.

However, since the moving average line is inversely proportional, it is hard to expect a big rise and we can only hope that the there won’t be as steep decline in the price.

 

Downward perspective

Bitcoin 1-week candle chart

As I mentioned last week, the big picture on the week is the chikou span, making its first appearance since February 2015, which crossed the candlestick.

And the candles are located under the cloud. The main support line for the one-week candle is near the 120th line at the price of $ 4000.

 

5 0 Write