Hello Traders,
Looking at 4-hour chart for Bitcoin, we start to see the inverse head and shoulders pattern is forming.
Currently, Bitcoin is sitting at $6600 resistance and we should expect some minor up and downs between $6450-$6600 range. (RSI oversold)
After this accumulation phase, Bitcoin will retest $6800 level, which has been acting the major resistance for over a month.
$6800 will be the crucial level for Bitcoin as it will decide the fate of Bitcoin in next few months. If Bitcoin can't break from this level, I am afraid we will see high selling pressure and find support at $6000 again. However, if Bitcoin manages to breakout from $6800, we should expect 7.2-7.5K in next couple weeks or so (pink trendline)
Investors, including myself, are highly anticipating the possibility of a Bitcoin ETF by the August, and I am expecting a massive rally to occur.
It might a good time to accumulate more Bitcoin again :)
Happy trading!