[Crypto Market Outlook June 2021] Bitcoin AnalysisEducation Research 7 August 2021
After 2 consecutive massive bearish weekly candles, wiping out all the gains it made during 2021, Bitcoin closed last week as bullish inside bar, indicating that bears have started to slow down.
The other important levels to watch in Bitcoin are: The 2017 ATH 20000 USD, The 0.786 Fibonacci level 16500, and the weekly point of control in around 10000 USD. Meanwhile, the bullish run will continue once Bitcoin breaks 45000 and 50000 resistances.
Bearish Scenario for Bitcoin
By referring to the market cycle psychology, it is likely that the market is now heading towards bearish bias, at least for the medium term (3-6 months). If this scenario happens, it is likely that Bitcoin will go back to its weekly point of control (10000 USD), or at least retesting its previous all-time high in 20000 USD before going sideways for some time and continuing another bullish impulse. The movement will likely be a zig-zag movement towards the bottom, giving some opportunity to trade and accumulate capital. As per last week’s outlook, right now Bitcoin is heading to the resistance and we will see whether the bearish or the bullish scenario play out.
Bullish Scenario for Bitcoin
In a less likely probability that the bulls are still in favor, Bitcoin will continue its leg up and this “crash” will become a mere dip. W-shaped bullish momentum will probably be formed to crush the resistances and retesting the ATH. Once the all-time high price has been broken, Bitcoin will once again in price discovery zone, where the price will continue to rise until it doesn’t.
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