RSI Divergence, the MACD, the Bullinger Band and horizontal resistance all seem to indicate at least a short term correction is likely.
If the 24 Sidereal month EMA which currently sits at $5300 manages to provide support the uptrend continues and will likely take the price to at least $6150 before a larger momentum reversal. Inversely if that support fails the momentum to the upside will be lost in the short term. In that more bearish scenario, I do not expect $5000 to provide much support.
I do believe the larger uptrend from the 2018 low will continue regardless, the next and higher low will be found around the 48 Sidereal month EMA or the bottom of the pitchfork, whichever comes first (possibly between 4300 and $4650.)
In all likelihood, BTCUSD will break above the $6150 resistance level between mid-August and mid-September.
If the 24 Sidereal month EMA which currently sits at $5300 manages to provide support the uptrend continues and will likely take the price to at least $6150 before a larger momentum reversal. Inversely if that support fails the momentum to the upside will be lost in the short term. In that more bearish scenario, I do not expect $5000 to provide much support.
I do believe the larger uptrend from the 2018 low will continue regardless, the next and higher low will be found around the 48 Sidereal month EMA or the bottom of the pitchfork, whichever comes first (possibly between 4300 and $4650.)
In all likelihood, BTCUSD will break above the $6150 resistance level between mid-August and mid-September.
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