6.18 Bitcoin price has reached a fork in the road again

Bitcoin price has reached a fork in the road again!

The above is a weekly chart. Friends who have studied it may see at a glance that the highest price point the day before yesterday just touched Fibonacci 0.382. Based on this, we can quickly analyze that the red area in the figure will be a current pressure area.

The pressure zone range (Binance price): 9556 -- 10027USDT.

Therefore, from a larger time perspective, there are two possibilities:

1) Breaking through the resistance area, the price moves towards 11464. Or,

2) Unable to break through the resistance level, the price returns to 7099.

Of course, since this is a weekly chart, all of this takes a long time to develop. But it is not ruled out that a needle will suddenly come down, so it is a good strategy to place a few orders around here and wait.

After looking at the weekly chart, let's look at the daily chart.

We have seen the general trend from the weekly chart, so let's look at the daily chart to see how it will develop if the pressure zone cannot be broken.

The above picture is a daily K-line chart (Binance). First, we can see that the price of Bitcoin is currently running in an upward trend channel. The price is currently touching the upper track of the channel and a callback has occurred.

I also marked three red areas in the chart, which represent three potential buying points.

The first one: around 8744

Second: around 8017

The third one: around 7099

We speculate on two possibilities:

Possibility 1: Follow the yellow arrow. (The price gets support after touching the lower track)

Possibility 2: Evolution according to the green arrow (if it falls below the lower track, the price will go straight to 7000).

I personally think there is still a chance for it to reach around 7000, and I will be ready at all times. One of the reasons is that this time Bitcoin has never reached 0.382 after rising. If you draw a Fibonacci, you will find that 0.382 is also around 7000. And the 100MA is also around there. I won’t post the pictures, I hope you can open the tools and feel these coincidences yourself.

In short, the current market situation is to grasp the rhythm of Bitcoin and look for opportunities together.