
There's a bearish 'Engulfing', which formed at the last local high, but this pattern hasn't been confirmed yet. It's likely that...
The bears were the main protagonists during the past week since the price action remained consolidated below the 200-hour moving average and we have seen that the cycle that we mentioned in previous reports could triple, according to our projections in the H1 chart. This is due to the breakdown of support level of 8232, now a resistance zone.
The RSI indicator is beginning to show signs of recovery from the low of May 18 and this would give rise to the cryptocurrency to reach the 200-hour moving average, which if fractured, would give way to profits can help to make a bullish consolidation in the short and medium term.
What do we expect?
According to our forecasts in the short-term, the Bitcoin is pressed by the bears and it is likely that the dynamics will remain that way for the coming week. A breakout of the May 18th lows could clear the way to reach the support level of 7616, followed by the Fibonacci extension of 200% at 7236.
There's a bearish 'Engulfing', which formed at the last local high, but this pattern hasn't been confirmed yet. It's likely that...
There's a 'Triple Top' pattern, which has been confirmed, so the price moved higher, but...
It's likely that the price is going to reach the upper 'Window' (1331.05) in the coming days...
The market is likely going to continue declining. The main intraday target is the next support at 1.1526 - 1.1508...
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
AUD/CAD falling inside impulse waves 3 and (C) Next sell target - 0…
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