Bitcoin: Short term Bullish?
Currently @ 20,800
In our last analysis Bitcoin was trading @ 29,000 and we were bullish expecting it
to continue its bull run & treating 25,400 as its new yearly lows as this was at a
major support trendline dating back to April 2020.
Sadly bitcoin broke below this trendline signaling further bearish movement and
hitting new yearly lows @ 17,500.
What to expect:
Scenario 1
We expect Bitcoin to retrace a bit back to 25,500 before falling back to 20,800 and treating
it as support, if this succeeds Bitcoin might reach highs of 28,000 to 30,000 before falling back
and hitting new yearly lows @ 13,000 followed by 10,000.
Scenario 2
Bitcoin might be range bound @ 22,000 - 20,000 throughout July just like it did from May 10 -June 10
if this does happen then again we will expect it to fall to 13,000 as it reaches the edge of the down-trendline.
Scenario 3
Bitcoin might break above down-trendline towards the end of July targeting 30,000 & 42,000. Although this is highly
impossible given that bitcoin broke below major support @ 19,500 and is floating @ 17,500 as its new lows with next support @ 13,000 and with the economy worsening, inflation/recession fears, cryptocurrency might be at the brink of collapse.
Positions
No open positions
link to previous analysis below
Note: this is just an analysis based on technical analysis & current events. All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
In our last analysis Bitcoin was trading @ 29,000 and we were bullish expecting it
to continue its bull run & treating 25,400 as its new yearly lows as this was at a
major support trendline dating back to April 2020.
Sadly bitcoin broke below this trendline signaling further bearish movement and
hitting new yearly lows @ 17,500.
What to expect:
Scenario 1
We expect Bitcoin to retrace a bit back to 25,500 before falling back to 20,800 and treating
it as support, if this succeeds Bitcoin might reach highs of 28,000 to 30,000 before falling back
and hitting new yearly lows @ 13,000 followed by 10,000.
Scenario 2
Bitcoin might be range bound @ 22,000 - 20,000 throughout July just like it did from May 10 -June 10
if this does happen then again we will expect it to fall to 13,000 as it reaches the edge of the down-trendline.
Scenario 3
Bitcoin might break above down-trendline towards the end of July targeting 30,000 & 42,000. Although this is highly
impossible given that bitcoin broke below major support @ 19,500 and is floating @ 17,500 as its new lows with next support @ 13,000 and with the economy worsening, inflation/recession fears, cryptocurrency might be at the brink of collapse.
Positions
No open positions
link to previous analysis below
Note: this is just an analysis based on technical analysis & current events. All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
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