$BTC
Bitcoin Weekly and Monthly Both Show Double Tops, Will July See New Highs or a Crash?
Looking at the monthly chart, Bitcoin failed to break through the previous highest point last month.
Now both the weekly and monthly charts indicate a potential top.
At this time, it is not wise to take risks chasing highs; it is better to wait for the price to drop before looking for entry opportunities.
First, let's talk about important support levels. From the monthly chart, the price levels of $99,000 - $94,000 are crucial.
If it really drops to this range, whether it's directly holding coins or opening contracts, both are good opportunities. If you hold on, you might make a significant profit; just be patient and wait for the right moment.
The next few weeks will be key for the market. The price trend at the end of each week basically determines the overall direction:
• If the weekly trend remains strong and the price can break through $108,700 with significant trading volume, Bitcoin is likely to reach new highs;
• If the weekly trend starts to weaken, it is likely to oscillate between $98,000 - $108,000;
• The worst scenario is a price crash. If it drops below $98,000, it basically means that the previous high was the top of this wave.
I previously mentioned that buying a bit when Bitcoin drops near $95,000 could be a good idea.
Later it really did hit $99,000, but unfortunately, many people were too afraid to act. Remember, when others are fearful, be greedy; when others are greedy, be fearful.
Wishing my brothers a prosperous July