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Crypto Analysis Report 7-6-18 BITCOIN...How I Read Price Action On The Daily Chart by rollandthomas

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bitcoin · @rollandthomas · (edited)
$8.32
Crypto Analysis Report 7-6-18 BITCOIN...How I Read Price Action On The Daily Chart
<center>![Avatar Trade2.JPG](https://steemitimages.com/DQmdYS9kddtwL5FdPXagGGEyvphp6Tjki6kag7Z5iPUvMWZ/Avatar%20Trade2.JPG)</center>

I last spoke about Bitcoin almost two weeks ago,

<center>[Crypto Analysis Report 6-23-18 BITCOIN...$6000 Level...Holding For Now...But Sub $5000 Is Insight]( https://steemit.com/bitcoin/@rollandthomas/crypto-analysis-report-6-23-18-bitcoin-usd6000-level-holding-for-now-but-sub-usd5000-is-insight)</center>

**<center>How I Read Price Action On The Daily Chart</center>**

 
1 On 6/24, price dipped its toe at $5860 before sharply pulling back and closing at $6148.  This told me there are still buyers in and around the infamous $6000 level.

2 Price then based before fallen and closing at $5848 on 6/28.  If price was going to go lower, price need to close below the low of $5860 that occurred on 6/24. 

3 On 6/29, formed a bullish engulfing candle, took out the high of the previous candle and closed at $6208.  

4 If price was going to move even higher, it needed to take out and close above the recent pivot on 6/25.  Price did just that on 6/30 and closed at $6388.

 

![](https://cdn.steemitimages.com/DQmZz9rUder7zDgHoDuwRpAf9PSiJRag4xNwYs2Djm9ZSKr/image.png)

 

Although Bitcoin is showing some signs of life, we are still in a downtrend on the daily chart.  Price formed a lower low on 6/24.  In addition, potentially there are still sellers at the $6800 level.  Thus, until we take out the $6800 level, there is still downside risk.   

 
![](https://cdn.steemitimages.com/DQme5qD1aKPH9W1xEpNrhusaP5Zpnz5PhLRb8ySM6ioDY4x/image.png)

This post is my personal opinion. Iā€™m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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@newageinv · 
As part of the #minnowuprising initiative, I am providing you an upvote to motivate your commitment to the #Steemit community!  As the platform continues to expand, it is imperative that we come together and support each others content.  It is a long process to become a minnow here but also a journey well worth taking as the knowledge and learnings achieved are beneficial for our personal growth as well as a step forward to improving our financial position.  Please consider supporting the #minnowuprising initiative by continuing posting content using the tag as well as curating and upvoting content of others.  Details are in one of my latest [post](https://steemit.com/minnowuprising/@newageinv/minnowuprising-initiative-and-what-i-am-doing-to-support-it-in-july).  Thanks!
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@rollandthomas · 
Thanks @newageinv
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@sunilbadatya · 
@rollandthomas do you think bitcoin will hit 10,000$ on 3Q
šŸ‘  
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@rollandthomas · 
It's possible based on the volatility of Bticoin, but it's going to have to get through many sell levels as indicated in the chart.   Price needs buyers to step in, which won't happen until we get a catalysts like favorable regulations.
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