BTC Price Going Straight To $6-7K Correction – How To Benefit From The Pullback?


BTC Price Going Straight To $6-7K Correction – How To Benefit From The Pullback?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Bitcoin has entered the bearish zone and traders are guessing when it’s high time to enter the market. Want to join their rows? Find out what to expect from BTC in the nearest days – read Bitcoin price predictions from tradingview experts.

BTC will dip before the push

BTC is likely to fall to $6K

Since it’s difficult to predict the short-term BTC fluctuations, the best strategy now is to stay away until the situation gets clearer. If you prefer holding BTC, now you just have to find the best moment to charge more the bag.

In order to predict Bitcoin’s future, we should analyze its past. When BTC reached $8,200, shorts went down as you can see a long red dip column. After that shorts started to go up again but longs were stronger so BTC continued is push to $9,000.

A few days ago, we saw that BTC dipped to $7,600 area and shorts pushed up. So right now we can see that BTC Pushed a bit back up to $7,800 area but Shorts are almost down and ready for a next push up.

What does it mean? If shorts dip down and BTC go up a just bit, they will attack to push up again BTC will down again. If you see shorts breaking up the 3 EMAS (Red 200D, Orange 100D, Green 50D), it’s not good and it could mean that we will go down more, but for not they got rejected and fall.

Now, the interesting Areas are on EMA50 and EMA100, where BTC can get a Strong Bounce from $7,000 area if it passes down EMA50, would mean have to wait for $6,000 Area to bounce back from EMA100.

The next bounce should push BTC around $9,200.

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BTC goes through waves pattern

Buy BTC within $7,400-7,200 range

QuantumHF team expects the completion of the local downward movement and the beginning of the restoration of prices in the right shoulder. Thus, you should consider buying Bitcoin in the range of $7,400-7,200 in order to sell above $8,000 in the near future.

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BTC will enter the correction zone

BTC lacks the volume to push again

If Bitcoin can continue pushing up here through the short term downtrend, we could actually see some more buyers come in, since the potential for further downside will decrease. In that case, the price could shoot up quickly even towards $8.500. Obviously, if we shoot past that on a volume surge, we could even test the $9K resistance again. However, the volume is still very weak. A continuation of the short term trend is also possible, meaning that we could see a drop towards the next support, around $7.200. Depending on how price and volume reacts if we reach that point, we will have to assess whether or not we've seen the extent of this correction.

Zooming out, you can see that we're still in the light blue bullish channel. Based on this, a longer correction becomes more likely if we break the $6.800-7.200 support zone. If the channel support holds, the uptrend will likely continue after some consolidation.

Final thoughts

Currently, the bulls are attempting to hold the level but BTC lacks volume and strength, which is a negative sign. If Bears continue their downward rally, BTC can go towards $6,700-$6,900. Probably, we should wait for BTC to fall under $7K to replenish the wallet. The consolidation between $7,413.46 and $9,053.12 is possible, and cryptocurrency will pick up momentum above $9,050.

Bitcoin price charts by TradingView

Cover image via www.123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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Can TRX Reach 500 Sat in a Week? Quick Peek at Tech Indicators


Can TRX Reach 500 Sat in a Week? Quick Peek at Tech Indicators

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Good times for Tron have only started: many traders start being bullish about the TRX market, and they have a ton of reasons for that. Why is TRX said to grow in the nearest 10 days? What will drive its growth? Let’s check Tron price analyses and tech indicators from tradingview users.

Ascending wedge scenario

Ascending triangle shouldn’t be broken

TRX/USD has been trading above the low $0.02 range ever since early to mid-May. Since then, an ascending broadening wedge has formed, and new highs in the $0.03 and a low $0.04 range have been seen. We have since corrected downwards from those highs.

We need another confirmation of support at the lower bound of the wedge for the sake of pattern continuation. If the pattern is validated at that point, a move up should be made to test the upper bound of the wedge at the high $0.04 to low $0.05 range. Should this happen, a test of new highs should be seen in 5 to 10 days.

If the pattern breaks below the broadening ascending wedge, TRX/USD would likely return to the low $0.02 range that it was consolidating between February and May.

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How to maximize gains?

Indicators are mostly positive

If you want to trade safely, wait until we clearly exit this descending channel. But if you want to maximize profits, look at divergences in the indicators.

RSI is not looking too overbought, so it's a good sign for buyers. And look at how the RSI is going up just now. Parabolic SAR indicator reversed a few days ago, had a pullback, but it's looking like bouncing on this support being created.

On the 4 hour chart, a nice ascending channel is forming. With last's week price action, it made a solid triple bottom. Another indicator that we should consider is the combo of Donchian channels and Tilson T3 line.

There is only one counter-argument to all these bullish indicators: Bitcoin is showing a huge Head and Shoulders, and we know that when Bitcoin collapses, alts tend to collapse as well.

Long setup for TRX/BTC

Attention on the wedge pattern

We can see that TRX/BTC is definitely set for growth.

What we can see on the 4h chart:

  • Price broke out from a descending trend line and started a Wedge Pattern formation.

  • Wedge Patterns are considered reversal structures.

  • The Wedge Pattern is supported by a major support/resistance level and the broken descending trend line.

Based on this we expect the price to continue the bullish movement towards the next resistance level at 550 satoshi.

So, how to trade TRX now?

  • Entry price: 0420

  • Stop price: 0360

  • Take Profit: 0550

If the Stop is hit, we should see if the intention of the price was to make a fake out or a bearish movement, after that we will consider whether re-entry makes sense.

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Tron is ready to go!

Tron goes in Fib’s golden ratio

Recently, we observed TRX retracing from its last impulse wave, finally settling down in this Fib channel where it has began to show signs of bubbling – right on time.

Analyzing the last impulse wave, we see that Tron is attempting to fight its way back into the Fib channel above. 7 days ago, it entered the 200% Fib Time Zone. In the past, this has been the cause for significant influence on price. We can see a strong reaction from this time zone. Morever, you see sloping downwards Fibonacci speed resistance, indicating that this is a crucial moment as Tron begins to grind against the .618 line.

Also, take a look at the Fibonacci Circles, which provide an exciting insight into the effect of time on the chart. Tron has been forced to move up as it nears ever closer to the Fib Circle's 1.618 Golden Ratio

TRX should definitely make a pop! The first take profit is 550 – 575 satoshi, the final target is 777, however, TRX has the potential to go much higher.

Tron price charts by TradingView

Cover image via 123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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