Bitcoin Forecast And Analysis For 17th July: Falling Back To Buy Area

Bitcoin has begun to fall back to the buy area that caused this weekend decline to come to an end after heavy selling entered the market late last night.

At the time of this writing, the bitcoin course was equal to $10,379 and the market capitalization was $186 billion.

The decline hasn't quite reached the area yet, but it is right above, so we'll probably see it enter a few hours from now. I don't think we'll see the price break through this area. I think we're seeing the whales and other big traders place buy positions using the sell orders coming in from all the people who have sold, to ready themselves up for the next big rise. It's too early to say, for now, so we'll have to wait for more action.

The best thing to do now is watch for signs of a reversal when the price drops into the buy area. If the whales are placing more buy positions, we'll see price reverse out of the area after it falls back in. The rise should start after one or more large bullish (green) candlestick form, so watch out for them to get an entry.