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Breaking News: Ripple And SEC Reach Major Deal: Remaining $75M Penalty Returned, Injunction Lifted

Bears Capitalize on Uncertainty as Bitcoin Price Drops Below $7,300

filb filb
by filb filb
7 years ago
·
Posted in Bitcoin Price, Bitcoin, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Following a strong weekly Bitcoin Price advance by the Bulls, the Bears are back in control, rejecting price at the 50-week Moving Average, triggering six consecutive red candle days, breaking the price down towards the previous support at $7,300.


Market Overview

The Bulls will need to make a strong push over the weekend to rescue price from falling back towards the $6,800 range, where price initially broke out from an Inverse Head and Shoulders bottom.

The volume profile as shown on the right-hand side of the daily chart illustrates that there is a void in volume between $7,332 and $6,821 — meaning a breakdown from $7,300 will likely see a quick movement back towards $6,800, where previous resistance may turn into support.

The bulls have found some recent temporary support in the $7,300-$7500 price zone, from which price action broke out powerfully over ETF price speculation- After many Bulls took profits in the run-up to $8,500 and ahead of any news, this may be viewed as an opportunity to enter the market. The bulls will need to avoid a weekly close below $7,500 — which would represent a full retracement of the highs achieved in the last week of July.

In the immediate term, we expect the more conservative traders to look at prices above $7,700 for bullish entries and below $7,300 as bearish opportunities.

Daily Chart

Another argument for a risk of a breakdown would be that a reversal back to the breakout level would represent a 61.8% Fibonacci retracement from the lows at $5,780.

A bounce from the $6,800 range may offer the bulls another attempt towards $9,000 and the completion of an AB=CD bullish advance, where the lines AB ($5,700-$8500) and CD ($6,820- $8,980) represent the bullish legs while BC ($8,500-$6820) is referred to as the retracement or correction.

A catalyst for this could be positive news by the SEC around the Cboe/VanEck/Solid X’s Bitcoin ETF decision expected sometime on August 10 — or simply a longer term bottom has been found.

Looking Ahead

Failing a bullish advance, the bears may look to capitalize on their own AB=CD, which may have begun at the May highs of $10,000 and complete toward $5,000 — with the recent run up simply representing a correctionary phase in a larger bearish trend from December highs.

As we warned last week following a positive Weekly and Monthly close, nothing fundamental has changed. With ETF speculation-fueled price action, the fundamental narrative remains. It is important to remember that the bulls are attempting to recover from lower lows at $5,800. In order to confirm a bull market, a higher high over $10,000 followed by a lower low, must be found — otherwise, the bears will capitalize on any uncertainty and look to test $5,000. 

Where do you think Bitcoin price will go this weekend? Let us know in the comments below!


[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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