Jeffrey's Weekly Projection of Bitcoin (8/6-8/12)

Last week, Bitcoin showed an adjustment as expected but right now it is hard to tell whether there will be a rise or decline. I will talk about the two possible scenarios for now. 

This is 4-hour chart. 
If we look at it from the decline perspective, we can expect further decline after the head and shoulder pattern. In this case, you can expect a rebound between $ 7,200 and $ 7,300,  but the final target price for the decline is around $ 6,000.
In addition, the previous pattern's neckline, which is the $ 6800 support line, is expected to be a significant price inflection point for the overall market ups and downs.

This is Bitcoin 1-week candle chart.
The small waves from the secondary index indicates a dead-cross. Fortunately, the value of the big wave is low so it doesn’t seem like there will be a bigger decline than the previous one. However, the value of small wave, indicating the movement of the real-time candle is hinting that there will be a drop at the peak. 

This is 1-day candle chart.
You can think of the current situation as a triangular convergence. In triangular convergence, $6,700-$6,800 will be the support line and the future price will be determined based on the direction of the convergence. In this case, $6,700-$6,800 again, will be an important inflection point. 

This is 1-day candle. 
If we approach this positively and expect a rise, we can predict inverse head-and-shoulder pattern. In this case, the neckline will be around $8,400. Also, for the a-day candle, the values on small and medium waves are affecting the price trend. On the secondary indicator, this could be seen as a positive sign. 

Overall, this week's trading strategy is checking price ranges presented 

 

 

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