Last week, bitcoin showed several attempts to climb up and managed to reach elevations of about $6800. However, the psychological barrier of $7000 still not taken, moreover, by Monday morning there was a slight correction back to $6700.
On future possible scenarios of the price movement of bitcoin and a little bit about the second capitalization of the Ethereum cryptocurrency says the CEO of the service cryptorg.net and regular contributor ForkLog Andrey Podolyan.
The small amplitude of the quotes suggests that the bitcoin price is still flat, despite the next candle with a bullish body. So the current movement can be attributed to a correction within the downtrend, and until you overcome a mark of $7000, the current growth rate continues to be inconclusive.
BTC/USD weekly chart
On 4-hour chart there is a positive moment, the broken descending resistance, which was formed in early may (on graph marked by yellow dotted line). Already 4 times the price faced him, but this time was able to overcome this level. Also in the neighborhood of $7000 visible boundary of the global triangle which was broken and is now preparing its retest of the bottom.
BTC/USD chart, 4 hours
In the case of overcoming the mark of $7000 expect the price rise to $8000 as part of formed in the spring of the triangle.
Important at the top levels: $6700-$7000-$8000.
Important levels down: $6400-$6000-$5700
BTC/USD daily chart
Ethereum
Ethereum is not enough just $ 5 until indicated in past editions of the analysts target of $500. Buy from global support has once again proved himself, and traders received about 20% of the profits in a relatively short period. This week expect an assault on $500.
In the case that bitcoin will go to $7000 and above — be sure Ethereum will support it.
ETH/USD daily chart
Source
