On July 26, when the price of Bitcoin was trading at $9788 per coin, I said that the overall trend remained upwards above the June 4 low of $7432, and that traders would target the July 10 high at $13000. The price rose as high as $12334 on August 6 before drifting lower and found support at $9465, just as the price was about the reach the double bottom at $9076 from July 17 and 28.
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The price is now trading sideways between the $9076 and $12334 levels, but the underlying trend is bullish since the start of the year and as long as the price trades above the July 28 high the price might be able to trade beyond the $12334 high. Traders that are not already long will probably try to add gain some exposure on the price revisiting the 10,000 level.
However, on the price trading below the July 28 low of $9076 the trend will no longer remain upwards and the price might be able to reach the next support level and likewise June low at 7435Download our latest quarterly market outlook for our longer-term trade ideas.
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