Jeffrey’s Weekly Projection of Bitcoin (7/30-8/5)

Last week Bitcoin went up as high as $ 8,500,
Right now, It is currently hanging at $ 8300.
Due to the big raise, the price of Bitcoin is expected to be adjusted and shifted over the course of this week.
It would be best to watch these fluctuations and decide on trading strategy accordingly.
 

 

This is 4-hour candle chart. 
The convergence point is expected to be the afternoon of July 31st. Depending on the direction of the convergence point, one can decide on the trading strategy. If Bitcoin exceeds $8300, you can think of it as a breakthrough for existing and can think about additional buying strategy,

Now, we can see convergence and the candles can be interpreted either inverted head-and-shoulder or double top pattern. Due to such ambiguity, one should make moves after he or she sees a distinct pattern. 

 

 

This is one-day candle chart. The primary adjustment is already made by the Fibonacci ratio, which is between 0.5 and 0.618.
As the numerical value of auxiliary indexes is high, adjusting seems inevitable.
If we also refer to the one-week candle chart, we don’t expect any large decline. However, the price of Bitcoin could end up right under the adjustment price or the resistance line that sits below the adjustment price.

 

 

I have been looking at the positive side of the one-day candle chart.
If the drop and adjustment can be supported around $7750,
You can think of it as one big inverted head-and-shoulder pattern.
In this case, the pattern target is around $9,600 to $10,000.

Two weeks ago, I positively predicted about the inverted head-and-shoulder pattern and there was a big rise.
Again, from a positive point of view, we can predict that there will be a rise in price due to such pattern after the adjustment.Therefore, one should decide on buying and selling strategy according to the pattern.
 

 

Now let’s look at the auxiliary indicator. As the numerical values are high, it seems like there needs to be a primary adjustment. I am not sure if the crossbar or the price will bring the numbers down. Yet, it is expected that the increase of the Alt, which was relatively out of sight when the price of bitcoin increased, will be large.
Overall, it may be pretty boring and I expect there will be adjustments. When the Bitcoin is supported again, however, there will be a big rise in Alt as well.

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