Bitcoin price analysis and forecast (July 24th): Bitcoin price booms despite the bearish trend of the other tokens

Share

If Bitcoin price cannot close above the solid resistance line of $7759.2, it may slide down in the near term

Bitcoin price, BTC price, Bitcoin price analysis, Bitcoin price forecast, USD, cryptocurrency, top 10 cryptocurrencies, major cryptocurrencies, BTC price analysis, BTC price forecastBTCUSD H4 24072018

In chart H4, the Head and Shoulder pattern has been shaped at the bottom and it seems like the Bitcoin price has reached the expected target price of the pattern, indicating that the impact of the pattern on the price is weakening. The price is moving within the Broadening Formations, Right-Angled and Ascending pattern after a steep and sharp bullish trend. An upward breakout is happening with a long green candlestick rallying above the upper trend line of the pattern. However, in order to confirm an upward breakout, the Bitcoin price needs to surge 5% higher than the breakout point. Besides, the recent candlesticks still closed below the solid resistance line of $7759.2. Therefore, we need to wait for the candlesticks for the upcoming 8 hours so as to make sure whether two bearish reversal candlesticks will manifest or not at the solid resistance line. If it comes true, a “long” order is not suggested since the cryptocurrency price cannot increase after escaping the pattern.

Written by nami.today

 

Share