BITCOIN ANALYSIS AND FORECASTS (WEDNESDAY, JUNE 27): RED LIGHT FLOODS THE ELECTR

[JanneLee]

Having experienced a strong but short recovery period, Bitcoin prices experienced a drop yesterday. In H4, the head and shoulder pattern can be formed after a sharp drop. However, since the head and shoulders are not complete yet, we need to look at the milestones of $ 6600 and $ 5800 to confirm whether the pattern is formed.

In addition, Bitcoin prices are moving in the final Elliott down wave (C), so the Elliott wave is getting more attention. According to the MACD, we see bullish divergence, as this indicator has a higher low, while the price chart creates a lower low. As we have analyzed, the strength of the side will weaken and the buy side will beat the sellers, pushing Bitcoin prices up.

However, in the event that prices can not climb to the neckline around $ 6600 but fall below $ 5800, we can be sure that the head and shoulders pattern will not be formed and the cup pattern and handle (cup and handle) is likely to be confirmed. In that case, additional signals are needed to answer the question, "When does the Elliott wave stop affecting Bitcoin prices?"

[cryptodalton]

People who did good research and have good knowledge about bitcoin, they will consider it as an opportunity for investment. For instance, if the price goes very high then it would be very difficult for the common investors to invest in it. The price of bitcoin is volatile and it fluctuated mostly and it is for long term investment. Besides, I don't think the price will go below $6000. So, people shouldn't worry for its lower price. It will increase very soon.

[Rosyanroid]

I cannot agree on the fact that Bitcoin will keep on declining. It may reach to $6000 and rise from that. Besides, the demand of Bitcoin is increasing consistently and it will gradually affect the price positively. So, let's wait to see what happens ahead.

[darkangel11]

I cannot agree on the fact that Bitcoin will keep on declining. It may reach to $6000 and rise from that. Besides, the demand of Bitcoin is increasing consistently and it will gradually affect the price positively. So, let's wait to see what happens ahead.

It is increasing, but you have to take into account the coins that are being mined every day and there's a lot of them, 1800 exactly. So, for the market to turn bullish all those coins have to be either bought or held, plus some of the buy orders have to get filled for the candles to turn green. This is why BTC needs enormous hype to keep climbing. If the attitude turns neutral it will immediately go into the negative due to fresh coins flooding the market. Normal assets don't face these problems.

[kulsuma]

Given that the market is in a dip at the moment, we are still optimistic because it is predicted that at the end of the year the prices are supposed to go up according to the analytics. So, for the times being, we should hold on to our coins till the markets improves.

[JacobLiam12]

In my assumption, the price will rise after it passes $6k. Now, let's see what happens.

[TommyJr]

That's an informative post. There are always fluctuations in the cryptocurrency market. Recently the price of Bitcoin has dropped, but we hope that soon the price will start rising.