BitcoinLong
BTCUSD - Price Prediction and Technical Analysis (May to July)
Updated
Horizontal Green Lines = Support Levels
Horizontal Red Lines = Resistance Levels
Diagonal Purple Lines = Tightening of Resistance/Support
White Arrows = Prediction of future market movements based off personal TA
Equilibrium formation on the Daily/Weekly chart that is about to finish up it's tightening pattern. An equilibrium occurs when the support and resistance levels slowly squeeze the market trend closer and closer to the middle of the two, which eventually breaks causing the market to burst towards a direction chosen by the majority (and Fomo).
From what I can see, the market should be heading towards the $7800-8100 region in the next 2 to 3 weeks, after it makes a small bounce to the $8700 area to finish up this week. From there onwards, we'll see the market move back up again to test a newly formed resistance level (Mid-$8000), while consolidating along side the topside of the Purple Diagonal Line. Soon after, the bulls will realize the market is finally ready to start a new uptrend, and the shorts/whales will fomo buy and launch BTC out of the equilibrium pattern to finally begin a new uptrend that will last for the 2nd half of the year.
Thank You, and Good Luck!
~~ Not Financial Advice. Also, the lines and numbers show the general direction/area of movement, and are not "exact" ~~
Horizontal Red Lines = Resistance Levels
Diagonal Purple Lines = Tightening of Resistance/Support
White Arrows = Prediction of future market movements based off personal TA
Equilibrium formation on the Daily/Weekly chart that is about to finish up it's tightening pattern. An equilibrium occurs when the support and resistance levels slowly squeeze the market trend closer and closer to the middle of the two, which eventually breaks causing the market to burst towards a direction chosen by the majority (and Fomo).
From what I can see, the market should be heading towards the $7800-8100 region in the next 2 to 3 weeks, after it makes a small bounce to the $8700 area to finish up this week. From there onwards, we'll see the market move back up again to test a newly formed resistance level (Mid-$8000), while consolidating along side the topside of the Purple Diagonal Line. Soon after, the bulls will realize the market is finally ready to start a new uptrend, and the shorts/whales will fomo buy and launch BTC out of the equilibrium pattern to finally begin a new uptrend that will last for the 2nd half of the year.
Thank You, and Good Luck!
~~ Not Financial Advice. Also, the lines and numbers show the general direction/area of movement, and are not "exact" ~~
Note
1st Arrow Complete- BTC has reached my target of "$8,700 to finish up the week."
BTC will now stay around the same area for another day (and some hrs) before it begins moving towards my second Target ($7,900).
There are many reasons why BTC will head downwards after this week.
- Downtrend MacD
- Bearish RSI Pattern
- Bear Flag Formation
- Incomplete Consolidation
- Heavy Resistance ($8,800)
- MA100 Resistance ($8,800)
Although, there is the MA50 support right below us at $8,240, it is impossible for it to sustain another blow from the short term bearish pressure, so a drop down to $7,900 is very likely. Luckily, after we drop below the MA50 next week, we will hit the bottom of the equilibrium triangle (Purple Diagonal Line), which is a very bullish area, and the 50MA is not much of a resistance level, so we will burst right through and reach our second target in the upcoming days.
Note
2nd Arrow Complete- BTC has reached my target of $7900
BTC will now begin it's upwards trend as we have found support along the $8000 mark and have confirmed the bottom of the equilibrium trend. Now we should see the equilibrium triangle breakout within the next 2 to 3 weeks, and from a TA's perspective, it should be towards the upside.
There are a couple of valid reasons why BTC will begin a new Bullish Trend.
- Daily RSI Curving
- Daily MacD Crossing
- Bullish Stochastic RSI
- Bullish Wedge Forming
- Bullish Equilibrium Wedge
- Post-Consensus Support + Altcoins
In about a week, we'll begin to see a very intense battle between the bulls and the bears in the upper side of the equilibrium. This battle could take a day or two, but whichever side wins will determine the fate of BTC for the 2nd half of the year, and from a technical analysis standpoint, I'd say there's an 80% chance of the bulls winning this battle. The reason is simple, do you see BTC in our future?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.