The price of Bitcoin just for the day fell to marks in the region of $ 11,000, after which it showed a moderate upward correction. However, according to CoinDesk Markets analyst Omkar Godboul, while quotes are held above $ 9,614, the likelihood of a bull rally remains.
Godbul is convinced that if the daily candle closes UTC below $ 11,550, the chances of continuing to fall will increase significantly. To cancel such a scenario, Bitcoin needs to return above $ 12,000 on high trading volumes.
It is noteworthy that well-known trader Ton Weiss in the community considers falling to $ 3000 a less likely event than updating the historical maximum, however, a crash below $ 10,000 can still drastically change the situation.
Bullish on for Always #Bitcoin , But what does IT mean for me to the BE Bullish on $ BTCUSD ?
– New Years Highs at $ 20k is Greater than New Lows at $ 3k
– This 'can' drop under $ 10k – It just depends on IF, HOW & WHEN it drops under $ 10k– Tone Vays [#UnderstandBit] (@ToneVays) July 11, 2019
“The question is IF, HOW and WHEN the price will fall below $ 10 thousand.”
On the daily chart you can see the formation of an external bearish candle on Wednesday, which is an early herald of a possible reversal, suggested Godboul. Nevertheless, this theory is confirmed only if today, on July 11, the candle closes below the previous daily minimum at $ 11,550.
CoinDesk Markets Information
At the same time, the chances of a return to higher marks are quite high, the analyst believes.
On the hourly chart you can see a falling wedge: the trend lines connecting the lower highs and lows are narrowed. This speaks in favor of weakening sellers, and a wedge breakout can be viewed as a bullish model.
CoinDesk Markets Information
Thus, the next significant resistance level is at $ 12,200, and its passage will open up the opportunity to once again overcome the $ 13,000 mark.
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