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BTCUSD 7/18/2021 for BITSTAMP:BTCUSD by Ryzen7

Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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Technical Analysis

Update on previous TAs

https://www.tradingview.com/chart/BTC1!/I9xLAzoe-BTCUSD-5-14-2021/

I think Bitcoin is either in Accumulation Phase or in Redistribution Phase. The Bull Trend in Monthly is still in tact. Most Likely to continue the Bull Rally, if Monthly support holds. In the Weekly, I’m paying attention into MACD Histogram in the weeks to come as the selling pressure is declining. Weekly RSI still below 50 level – hoping for a reclaim to validate the Bullish argument. Weekly Stoch RSI extremely oversold. Weekly MA 50 is holding the price from falling. If this is accumulation phase, then it’s definitely good. But in case of redistribution phase, we may see $ 20,000.00. If we see 20K, I think I will pay attention to Monthly MACD because it may give a bearish crossover which is not good for holding Bitcoin for a time of 6 months to 18 months. If 20K happens, I think I will evaluate the Elliot Wave Counts on Weekly and Monthly Timeframe . If still above 29.3K, I think above Elliot Wave is on the track.

Monthly
Monthly Timeframe still looks good uptrend for the past 10 years. I think support at $ 29,300.00 is a very relevant support. I hope it will not break. Please the chart, you notice how relevant the monthly support is. It gives 35x returns in the past Bitcoin Halving.

If Bitcoin makes another 35x, then see the chart.

Weekly

Daily


4HR & 1HR

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Fundamentals

The Bitcoin Miner from China still on relocation of it’s Crypto Mining Equipment for the past 3 months. We know that this is due crackdown. Those Miner still mining as the Global Hash Rate declines gets better profits recently even though the price is declining. Currently, the Global Hash Rate increase from 80 EH/s to 110 EH/s as Miner now start operating their machines. I think the next weeks to come the Global Hash Rate and Mining Difficulty will increase. It go back to 150 EH/s to 200 ET/s. Thus, Mining Difficulty increase.

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Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT

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