July Forecast For Crypto
July Forecast For Crypto
#bitcoin #crypto #ethereum #altcoins
Traders,
I am back refreshed after a week off and a much-needed vacation. I see that crypto has not done anything unexpected. The charts are mapping out exactly as expected thus far (knock on wood). It has simply taken a ton of patience to sit by and watch/wait for price action to unfold.
Typically, the month of July has been a positive one for crypto. The Bitcoin average return for July is 7.4%+. We traders like these odds. And there is a lot of data to show that the month of July this time around will be just as positive, if not more, than past Julys. I, for one, will be starting to scour the charts for the most beat-up and most promising alts for entry with my remaining stablecoin.
Let’s take a look at the charts and one other important data point supporting my thesis that we should see a positive month coming up here in July.
First, our Bitcoin chart.
Quickly, you can see that Bitcoin still has a beautiful inverse head and shoulders pattern forming. Though we have dropped below that multi-year support, I am growing less concerned with this level as the more we chop through it the less significant it becomes. It will provide some resistance to the upward movement but nothing more than a day trade or two which we don’t typically involve ourselves with here.
Bitcoin did catch a lower level of support at the ascending purple uptrend line which I didn’t expect but am happy I had drawn into the chart for observation. You can see we couldn’t quite get confirmation of a sustained move further down from here with a confirmation candle on our daily chart. Instead, Bitcoin chopped around down here, moved sideways, and confirmed this level as significant support. We are now moving back up toward that multi-year resistance in black. Once above it, the price should accelerate upwards towards our pink neckline.
Ethereum is following the same pattern as Bitcoin. As stated in my last video, we could quickly wick down to a price of $3200. That we did. And now our 100-day SMA is holding as support as the bulls slowly dig their way back up and out of this current hole.
The final piece of data that I wanted to show you in this post references a hashrate drawdown chart that I stumbled across and thought was worthy of mention. Please ignore the spelling error on the chart. I did not create the chart but the data is valid. In the chart, you will note the hashrate drawdown after the FTX crash. Currently, we are at the same point post-halving and it could indicate that final capitulation has already come or is highly imminent. This follows the technical analysis that I have done on both Bitcoin and Ethereum. We are so close traders. Stay with me here.
On another note, I do plan on doing a future video or post on a few of the best altcoin setups I can find for those of you who were smart (unlike me) and reserved some extra cash for this moment. There are some great deals out there right now and I want to pair the deals with some great setups. Members, if you would like to suggest a coin for me to do analysis on feel free to do so in the comments section of this post or in our private chat.
One final note, I will be updating all spreadsheet links soon. As you know, I am now doing this on a monthly basis to help prevent data leakage. The new link will always be provided above in the Open Trades tab.