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Analysis bitcoin: on the way to a multi-month resistance level

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About how the price of bitcoin can behave this week, tells the CEO of the cryptorg.net service and the permanent author of BlockchainJournal Andrey Podolyan .

Last week, as predicted in the last issue of analysts, culminated in growth. Still, on a weekly time frame, the reversal candles work perfectly.

The closing level of the week was about $ 200 higher than the opening level. Despite such a small difference, the movements inside the day were quite powerful and interesting.

BTC / USD weekly time frame

However, the nearest growth target is not met, the level of resistance and accumulation of shorts is slightly higher – in the $ 6900- $ 7100 zone. This week I expect the price to rise to this level.

The chart below shows a blue rectangle – this is a sales area where shorts will begin to accumulate and the price will likely rebound with a high probability.

BTC / USD Daily Time Frame

It should also be noted that at the end of the week the month ends and it is very important how the monthly candle will be formed. While she has a bear body.

The yellow horizontal I marked the positive level of the month's close. Then in October there will be good chances to break through the months-long resistance, which is now located in the region of $ 6900- $ 7100.

BTC / USD monthly time frame

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