Bitcoin Price Risks Pullback Before Testing $8K Again.
View:
• BTC price is seen rallying to $8,000 in the short-run, albeit after a healthy pullback to $7,000.
• The technical correction will likely help BTC chart a more sustainable rally to $8,000.
• Only a daily close (as per UTC) below $6,839 (inverse head-and-shoulders neckline) would abort the bullish view.
• A close below $6,080 (July 12 low) would shift risk in favor of a drop to $5,755 (June 24 low).
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Omkar Godbole, Coindesk.
View:
• BTC price is seen rallying to $8,000 in the short-run, albeit after a healthy pullback to $7,000.
• The technical correction will likely help BTC chart a more sustainable rally to $8,000.
• Only a daily close (as per UTC) below $6,839 (inverse head-and-shoulders neckline) would abort the bullish view.
• A close below $6,080 (July 12 low) would shift risk in favor of a drop to $5,755 (June 24 low).
_______
Omkar Godbole, Coindesk.