It’s Monday today, and we are seeing ongoing correction.
Hi everyone! Despite the overwhelming positive energy in the market, our readers were prepared for correction – we warned them about the possibility of this course of events in several reviews. Correction has lowered the price of Bitcoin below $10 000. Despite this correction, Bitcoin has strengthened its position on the market.
This morning, July 15, the price reached the $9880 level – this is where the daily EMA50 was located during the writing of our previous review.
The $9880 level hasn’t been reached yet, which has strengthened the currency against further deterioration. Technically, the hourly chart indicates a signal to sell – ЕМА50 ($10 875) has crossed ЕМА100 ($11 505) from above. Moving averages act as resistance levels. The MACD is in the negative zone.
On the daily chart, we can see a Double Top pattern. This pattern appears when a trend is met with a strong resistance level, thus creating two consecutive maximum points at approximately the same level. The Double Top is a switchback figure with the potential of sharply turning the chart around.
If the pattern is worked out, the price might go down to the $8900 level and continue until it reaches $8200. This is one of the most likely scenarios.
From a technical standpoint, moving averages maintain the signal to buy – ЕМА50 ($10 040) is above ЕМА100 ($7165). ЕМА50 is currently serving as a support level, and at the time of writing the price is close to this level.
The MACD is still in the purchase zone, but it has turned around and has a downward trajectory.
In this market, trading within the day is dangerous. The $9500-9400 range will be the next target for reduction. If the price goes higher than $10 200–10 300, then $10 700 – 10 800 will be the first targets for growth.
We are carefully watching the market and we do not recommend making any short orders, but if you would like to take a risk, don’t forget to use a small stop-loss threshold in any long orders.
Wishing you high profits and an amazing week!