Bitcoin price is on crossroads

29. Juli

Hello fellow traders,

Bitcoin price is approaching very important area. Depends on how BTC price will react on that area, it will decide its future on the next few weeks or even months.

Bitcoin closed third green week in a row and reached previous all-time-high which serve as a strong resistance.
Historically previous all-time-highs used to serve as strong resistances and only after breaking them real bull run started.
Even though technically previous all-time-high has been broken, it still serve as resistance and BTC price face strong selling pressure in that area.

I expect big battle between bulls and bears in 69k-72k area. So far bears are winning and don't let price rise but this time it might change and bulls can break above that area.
In case if 69k-72k area breaks Bitcoin will have freedom and I expect parabolic rise.
But, in case, if bulls lose again then it's likely that we'll see Bitcoin price dropping below 60k.

Please, do not forget to boost this idea and leave your comments below, thanks.

1. Aug.

Anmerkung

Bitcoin didn't manage to break resistance area from the first attempt and currently in correction phase.
As I indicated in this analysis we can expect BTC below 60k especially if there will be another wave of escalation between Iran and Israel.
Also, reminder that there is CME gap down there in the range of 59k-61k and at the moment it's likely that it will be filled before another attempt to break resistance area.

5. Aug.

Anmerkung

Bitcoin price plunged on almost 20% for the last 24 hours breaking all support levels.
This dump comes unexpected as I expected close of CME gap but not dropping below 50k.
Anyways let's see how BTC price will drop.