Bitcoin, Where to next ? 7/18
Hello traders, hope you have an amazing afternoon.
Here's a side by side weekly and daily time frame on BTC against US Dollar.
As you can already tell, the double top formation on the daily that was mentioned on the prior analysis seems that now is completed. We anticipated a aggressive sell-off from around 13,000 which took us to 9100, and it seems now we can expect upside spikes towards 11,000-11,200 level which a daily level of support - turned resistance.
Upon reaching this level, we can start identifying next potential moves, a break and closure above this level on the daily would probably take us towards 13,000,thus BTC would try to breach above this resistance level from where we initially had the pullback from.
On the weekly time-frame, we are now trying for the 5th time to break above 12,000. After the reversal we had from around 13,500 level of resistance, we've been consolidating in-between 9800 and 11,500 area on the weekly, failing to break above. We'll have to wait for the weekly closure to have a better picture of where we're heading at. A closure above 11,500, would take us to the upside target with 13,500 - 14,000 being the first target.
Here's a side by side weekly and daily time frame on BTC against US Dollar.
As you can already tell, the double top formation on the daily that was mentioned on the prior analysis seems that now is completed. We anticipated a aggressive sell-off from around 13,000 which took us to 9100, and it seems now we can expect upside spikes towards 11,000-11,200 level which a daily level of support - turned resistance.
Upon reaching this level, we can start identifying next potential moves, a break and closure above this level on the daily would probably take us towards 13,000,thus BTC would try to breach above this resistance level from where we initially had the pullback from.
On the weekly time-frame, we are now trying for the 5th time to break above 12,000. After the reversal we had from around 13,500 level of resistance, we've been consolidating in-between 9800 and 11,500 area on the weekly, failing to break above. We'll have to wait for the weekly closure to have a better picture of where we're heading at. A closure above 11,500, would take us to the upside target with 13,500 - 14,000 being the first target.
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