Bitcoin BTC BTCUSD 2 Jul 2018
With the charts are looking bearish, an analyst says there is no evidence that Bitcoin would experience another rally. However, from the longer-term perspective, is there a positive signal? What does the following 2 July Bitcoin Price Technical Forecast reveal?
2 July, GKFX – The weekend brought some respite to exhausted Bitcoin bulls. The digital coin No. 1 recovered from multi-month low and touched $6,520 on Saturday, but retraced to $6,326 by the time of writing.
While some hardcore Bitcoin bulls stick to their optimistic predictions that the coin would reach $25,000 (Tom Lee from Fundstrat Global Advisors) or even $40,000 (Llew Claasen from Bitcoin Foundation) by the end of the year, technical analysts are not that sure.
Thus, Fawad Razaqzada from Forex.com says that the charts are looking bearish with no evidence that Bitcoin would experience another head-spinning rise.
“I can’t base my analysis on anything other than technicals and right now the charts are looking very bearish. Therefore, as things stand, I have no reason to expect bitcoin to go to those crazy levels again,”
From the longer-term perspective, a sustainable movement above the downside trend line created by Andrew's pitchfork upper line, may be regarded as a positive signal.
However $6,483 is still unconquered, it is a strong resistance level with a potential to limit the upside for the time being. On the downside, the critical support is created by $6,000 and followed by $5,777 (recent low).
BTCUSD, the daily chart
This article 2 July Bitcoin Price Technical Forecast was provided by GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.