- What, it’s already July?!
- That’s right 🙂 It’s July!
During the last week of June (26.06), Bitcoin renewed yet another annual maximum at the $13764 level. However, the following day it instantly lost more than $3000 in price. At the same time, the network hashrate also set a new historical maximum: combined processing power of the Bitcoin network reached 68,631,992 TH/s.
The Bitcoin mining difficulty indicator also made a big leap, surpassing the level reached in October:
The assumptions we shared in the previous review have been confirmed: correction has begun.
The signal to sell is clear in the hourly chart: EMA50 has crossed EMA100 from below. The MACD is in the negative zone.
The price is moving beneath the incline resistance level with no false penetration. The $10400 support level is still preventing price reduction. $9400 is a likely target for reduction.
The signal to buy is maintained in the daily timeframe: EMA50 is above EMA100. The MACD is in the positive zone. EMA50 at the $9066 level serves as support.
Correction has reached 0.5 Fibo (10592$), which makes continued growth from the current level possible, although there is still a risk of reduction below $10000.
We recommend opening long orders when the price drops to the support levels, and also from the $9600-9100 levels.
Have a great week, and we are wishing you great profits in July!