Bitcoin might have to COOL-OFF

Jul 18

Bitcoin has again fallen below the recent up trend line and the relation between price movement and the RSI in hourly chart of is falling apart. But it does not mean bulls are loosing their power. Everytime the price takes a rise, it has to either take a correction or consolidate in a particular zone to cool off or balance the RSI.

Though it stands on the 100 MA, there are chances it might need the help of 200 MA to settle the score. There are chances the price of BTC might take a correction of about 2% and comes down to $63,230. Fear not, in the absence of any big on or off market activity affecting the price for negativity, the price of Bitcoin will surely bounce of the 0.618 level of Fib as this should provide 2 supports here : 200 MA and Price zone support.

At this moment, 100 MA is holding it fine and if it stays even in this zone for a few hours, it will cool off and can start its upward journey.

Jul 18

Trade closed: target reached

As I described in the chart, the price of BTC had to take support of 200 MA, took 1.72% correction as marked on the chart. RSI- price pattern is almost matching. need the price to hold a little longer in this zone and then take off. If BTC is unable to hold this position and takes the correction further, it might have to see the $62,800 area before retracement. No negative news should come around.

Jul 18

Note

I am expecting the btc price to consolidate for atleast another 2 hours (up-down-plus-minus) in the same zone, before picking some direction. As of now, because there is no bad news, I suppose it will go up and when I will wake up in the morning, I would see it above $64, or better fighting with the 65K resistance.