Bitcoin price analysis and forecast (Thursday, July 19th): Bitcoin price rebounds strongly; an upcoming tumble expected

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We expect that the Bitcoin price will stop at the level of $7160 in the short run

Bitcoin price analysis, Bitcoin price forecast, BTC price analysis, BTC price forecast, USD, top 10 cryptocurrencies, major cryptocurrencies, cryptocurrencyBTCUSD H4 19072018

As we have analyzed, the Head and Shoulder pattern has been established within chart H4 Bitcoin and the price has already reached the target price of the pattern. Therefore, the impact of the pattern on the Bitcoin price is becoming weaker, which leads to less strength of the bull with the appearance of consecutive bearish candlesticks in chart H4. We can take a look at chart H1 in order to know the next move of the cryptocurrency price.

Bitcoin price analysis, Bitcoin price forecast, BTC price analysis, BTC price forecast, USD, top 10 cryptocurrencies, major cryptocurrencies, cryptocurrencyBTCUSD H1 19072018

According to chart H1, there is a chance that the Broadening Formations, Right-Angled and Ascending pattern has been established after a steep upward movement. The Bitcoin price has touched each side of the pattern twice, affirming the establishment of the above-mentioned pattern. Since the price is fluctuating in the confluence zone, we forecast that the cryptocurrency price will move in the pattern range before a breakout takes place.

If the Bitcoin price cannot cross over from the upper trend line of the pattern, a retracement to the key level of $7160 is probable. According to trading volume analysis, the sellers still have the chance to re-enter the market and slow down the current speed of the bullish trend. Nevertheless, we expect that the selling force will not be strong enough to cause a significant slide-down and the $7160 is the short-lived Bitcoin price stop.

Written by nami.today

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