Bitcoin price reached $ 8,540 dollars in 4-8 weeks after falling to $ 6,800

After rising above $ 7,000 on April 6, Bitcoin confidently maintained in the $ 7,300 area but could not try to rise higher.

Many traders anticipate BTC's future price hike, but some think the price will go down first.

'Increase to 8.540 dollars after 4-8 weeks ’

Trader Mac provides watchers with the bullish scenario after making a down move. Trader expects BTC to reverse at $ 7,450 - $ 7,650 and return to $ 6,800 - $ 6,650.

However, in 1 or 2 months, Bitcoin will fill the CME gap and then spike to $ 8,540.

"Price increase scenario of BTC

- SufferingRefused at 7.450 - 7.650 dollars weekly

- Decrease 6.800 - 6.650 dollars

- Fill the CME gap in 4-8 weeks ”

Divergence discounts maybe appear

According to analyst Michael van de Poppe, Bitcoin will form bearish divergences if it starts rising and targets $ 7,400 - 7,600. If BTC trades below $ 6,900, $ 5,800 could be the next target.

"Well, the annual / monthly rate is kept as the role support as closed above.

However, still did not feel much strength.

If the price rises next $ 7,400-7,600, we will see bearish divergence, which implies a peak.

Take 6.$ 900 is a bad thing and starts to come back 5.$ 800 ”.

Earlier, the analyst tweeted:

"Mitigation here, but nothing special yet. Might be kiểm TRA area 6.900 dollars to raise. Hold the level 6.$ 900 will create chances of increase to 7.300-7,500 dollars and period discount. Take 6.$ 900, the price will return 5.$ 800 pretty fast ”.

Trader George believes that if BTC loses the day / year opening level on the chart, the price will be much lower. However, he also paid attention to the bullish scenario, in which Bitcoin is targeted at the $ 7,600 area.

"Not much News to update … Still opinion as so. Break below daily / yearly open levels in today will Create t levelsmuch more attractive, maintain above and probably will hit a high.

Still short with wide stop.

Let's wait and see what we get. ”.

However, his most recent tweet noted:

“Breaking the middle pvi flagship and we will reach the top of the range. ”.

Compare Bitcoin to the stock of the Amazon

Twitter user Sir William Of Rotherham compared buying Bitcoin with Amazon stock before the price skyrocketed, implying that the same thing would happen to BTC for years to come.

"Friend have said with your child how did you miss Amazon? In many years to come, friend Also tell your nephew about missing Bitcoin. I know you grandchildren will think nothing about you? Loser."

Wedge Bitcoin is ascending

The price of BTC has increased significantly since reaching a low on March 13. The increasing process has an increasing wedge-like pattern, which is considered a bearish reversal pattern.

The price may continue to trade inside the wedge until it reaches the next resistance at $ 7,750. The five-wave Elliott pattern seems to be forming which will bring the price to this resistance line.

If so, the price is currently at its third wave peak, then is expected to drop to the support line. Next, price makes a final up move before a breakdown.

This possibility is underpinned by the growing bearish divergence in the RSI, which is more evident in short-term time frames.

If Bitcoin breakdown, the nearest support areas found are $ 6,700 and $ 5,800.


Bitcoin chart | Source: Trading View

Short-term view

In the short term, the price is following the support line that has gradually increased since March 30, confirming an increase of 3 times so far.

Price has created a triple peak pattern, which is combined with a strong bearish divergence in the RSI. This shows that the downside move is likely, at least towards the ascending support line. Accordingly, completing the fourth wave of the five-wave Elliott pattern.

Breakdown from this line will likely cause a breakdown from the long-term ascending wedge. At the present time, the probability of breakdown is very low.


Bitcoin chart | Source: Trading View

In short, BTC price is trading inside the ascending wedge, currently very close to the resistance line of this pattern. After rising, the price is expected to breakdown and drop to the support areas mentioned above.

You can see the price of BTC here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

According to AZCoin News

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