Jeffrey's Weekly Projection of Bitcoin(7/16-7 / 22)

Last week, Bitcoin showed a slight adjustment in the beginning of the week, but during the weekend there was a weak rebound. However, the resistance line is above the one-day moving average line so it seems difficult to expect a rise and seems to be another crossbar.

 

 

This is 4-hour candle chart.

On the positive side, there seems to be a rebound from lowest point from the last adjustment and the price slightly rose. A new price point is stable at $ 6,100. When trading, we can expect between $5,800-5,900 to around $6,100. In addition, it can be interpreted as a triangular convergence pattern, and you can set the trading position according to the direction of convergence.

 

This is 1-day candle chart.

On the positive side, you can think of current position as the right-shoulder position in the reverse-head-and-shoulder pattern. At the completion of the pattern, the market has rebounded, with the neckline at $ 6750-6830.

 

This is observation of 4-hour chart moving average line.

The direction of 240-day moving average line has shifted to a crossbar from downward direction. Although the price failed to pass the 60-day average line, the fact that the price of bitcoin cane close to meet the 240-day line seems like a positive sign. If there is a price rise near the beginning of $6500, you can expect a breakthrough of moving average line as well as a large double-bottom pattern.

 

This is 12-hour candle chart. Using index chart, we can see a dynamic movement and expect that the overall direction seems to be on the rise. However, there are too many resistance lines for a big rise to occur.

 

The main support line is around $ 5800-5900, while resistance lines are around $6400-6500, and $6700-6800.

 

 

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