Bitcoin Today: Head and Shoulders?
Price
BTC has gone deeper into a supportive zone, approaching the last support level 7300 on the way to 7000, which was formed in July. The price did reacted to the level, so there is a chance to stay in the 7300 – 7600 zone. Otherwise, a breakthrough below 7300 will lead price to the 7000. Also, a breakthrough below 7300 will draw a "Head and Shoulders" pattern with the head at 8500 and left shoulder starting on July 17. This figure is well-known among traders and gets noticed frequently, so, such movement will add to the bearish scenario. From the other side, a bounce from 7300 will fit in the correction to the 6000 – 8500 rally scenario. For now, amid weekends, we expect the price to stay inside the lateral channel, probably 7300 – 7600.
Today forecast
Trading in the 7300 – 7600 zone. Possible breakdown to the 7000.
Main events of the week
BTC has gone deeper into a supportive zone, approaching the last support level 7300 on the way to 7000, which was formed in July. The price did reacted to the level, so there is a chance to stay in the 7300 – 7600 zone. Otherwise, a breakthrough below 7300 will lead price to the 7000. Also, a breakthrough below 7300 will draw a "Head and Shoulders" pattern with the head at 8500 and left shoulder starting on July 17. This figure is well-known among traders and gets noticed frequently, so, such movement will add to the bearish scenario. From the other side, a bounce from 7300 will fit in the correction to the 6000 – 8500 rally scenario. For now, amid weekends, we expect the price to stay inside the lateral channel, probably 7300 – 7600.
Today forecast
Trading in the 7300 – 7600 zone. Possible breakdown to the 7000.
Main events of the week
- Friday
- John McAfee’s ‘unhackable’ Bitcoin wallet got hacked
- Mt Gox creditors are preparing to claim for return the funds in Bitcoins. - Thursday
- Korean Crypto Exchange Bithumb Suspends Opening New Virtual Accounts
- Several vulnerabilities were detected in Monero(XMR) code - Wednesday
- South Korea to End Tax Breaks for Crypto Exchanges
- Japanese Bitcoin Exchanges Planning Tighten Trading Restrictions - Tuesday
- Net profit of Bitmain for the first quarter exceeded $ 1 billion
- Sky Mining CEO disappeared, $ 35 million disappeared along with him - Monday
- Google bans crypto-mining apps from Play Store
- Vitalik Buterin: too much attention is focused on bitcoin-ETF
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