The next week in the cryptocurrency market has come to an end, however, predictions about the future price of bitcoin do not run out. Over the past seven days, the BTC has not shown any significant movement, consolidating in the range of $ 10,700 to $ 12,000.
Last week, the price closed below resistance at $ 11,510, which is why the community suggested that BTC could again test the level at $ 9,200.
However, on July 3, Bitcoin rose by 16%, raising its value above $ 11,000. According to well-known crypto trader Josh Reiger, when BTC closed above resistance at $ 11,470, he turned this level into support before closing the 4-hour chart.
Currently, the weekly support is at the level of $ 10,790, as a result of which BTC can go for a bearish reversal. The weekly maximum that BTC could not overcome in the past seven days is $ 11,967, which is the key resistance.
It is assumed that if Bitcoin closes above the current key resistance, a bullish trend may emerge next week, and then BTC can retest a maximum of $ 13,800.
CNBC believes that last week's correction was an "important minimum" that allows investors to invest in Bitcoin on a long-term basis.
Publication date 07/08/2019
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