How can behave the price of bitcoin this week, says the CEO of the service and regular contributor ForkLog Andrey Podolyan.

Last week was pretty calm and, as anticipated in the last issue of intelligence, the weekly candle has turned a potential reversal in the form of a doji with a bullish body.

This year while all these formations are practiced subsequent growth (on the chart pointed by the arrows), so with high probability we can assume that this week will be growth. This fits well with the idea of returning the price to $7000.

BTC/USD weekly chart

On the daily time frame the blue rectangle marked the area which, in my opinion, will seek a price this week is $6800-$7000, that there will be further massive sale.

BTC/USD daily time frame with the estimated point of price movement

If we consider the negative scenario of the week, then the critical point would be the withdrawal rates for at least the last week – below $6100, then the price can push up to $5750. However, strong movements this week do not involve likely again see a flat market with a slight price increase.

Please note on the monthly time frame: ideally it should not close below $7000-$7100, then the situation will be more or less interesting for the bulls, if we close below it will be a good opportunity for the bears to continue to push the price lower.

BTC/USD monthly time frame, ideally the candle should not close below the yellow line

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