In the past few months, the Bitcoin price has shown relative “price stability”. To find out if anything could change in this scenario, Cointelegraph consulted the in Spanish Carlos Duat, CEO of the Crypto Digital Groupwho shared his analysis from Spain.
Duat said: “We have started a new semester and the Bitcoin price remains stable between 9,000 and 10,000. This is a good sign for many people, but for me the fact that we have been lateralized for a long time in a resistance zone with decreasing volume gives the impression that we are close to an important bearish movement and are considering several options. “
“In the picture below we can see how we have been following a highly respected trend since March, until we broke it in June when this side area started. We also have to remember that we just set a triple cap of around USD 10,400. And all of this, accompanied by what has been said above, suggests that a bearish movement can be created, ”he added.
Then he continued the careful analysis as follows:
“We had this option in mind, a symmetrical triangle that should technically be a trend continuation number, but it wasn’t completely symmetrical and it was very likely that the breakout and bullish option could be wrong or just a bad signal. And after the July 8th and 9th Movement, this was confirmed. As a result, the option of declining movement increases weight, “he said.
Together with all of the above, he considered this option of inverted HCH to be more practical since only “the right shoulder” has to be formed.
“If we keep the above in mind, we could see a decline until the visit to the $ 6,500, bounce off the historic white stripe on which the left shoulder is formed, and end this projection, which could bring us back to $ 17,600 in September. Logically, we will have some previous stops that could even reverse my 8.400-7.400-6.600 idea and that we would have to analyze at any time, “he said.
Finally, he considered the following graphic:
And his conclusion was as follows: “If we are not affected by COVID19 again at the end of the year and 2021, we can see a big price development at BTC and a strong increase in DeFi projects that will reactivate the market strongly”.
The views and opinions expressed here are solely those of Crypto Digital Group’s analyst and CEO, Carlos Duat, and do not necessarily reflect Cointelegraph’s views. Every step of investment and trading involves risks. You have to do your own research when making a decision.
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