Bitcoin price analysis: a period of restrained optimism

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Bitcoin achieved the goals, which were announced three weeks earlier, the positive price jump from $6,000 to the $7,200 price mark.

Nt now there is an accumulation of shorts. At first, this looked like a $7,000- $7,200 zone, however, with a closer look at the 4-hour chart, the zone was drawn up to $ 7400. Therefore, this week the rate should not rise above $7,400, the maximum will drop the pin at $7,500 and then down.

The daily chart shows how interesting the current situation is, because if the price is still higher, then at the breakdown of $8,500, the trend change becomes obvious and further events can occur already in an accelerating mode, bullish impulses can begin and the road to the $12,000 area will be opened. In the meantime, it is necessary to observe whether this week will be bearish or the bulls will continue their forward movement.

Pay attention to the weekly time frame. Here, with red horizontal lines, I noted the most important levels to which the price will strive. It is close to these levels and there will be a struggle between bulls and bears. Also, perhaps, a very interesting figure W is being formed, it seems to form a double bottom with a goal just above $10,000.

Yesterday, the wallet of the Bitfinex Exchange received $100 million. This could mean a further attempt to drive the rate up.

Ethereum

The ether was a bit overcast after the panic, arranged by large ICO-companies, but still feels unwell – and this is against the backdrop of growing bitcoin. The past week ended with the first bullish candle in a few weeks. But it is so weak and indistinct that it’s too early to talk about the turn. Most likely will continue flat, and without an important fundamental news or without a general powerful growth of the crypto market, the air will not grow much.