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RE: Bitcoin is stabalzing at 7400$~
Hey @oren730 well said that 8000 USD is resistance level and Bitcoin must cross this level to go up more. Bitcoin have a good price jump in recent days as it was 6400 earlier and now 7400. this 7400 level is quite strong I personally dont think it can go again to 6800 and in fact there are high chances that it will cross 8000 and if it happens in July then we can expect to touch it 9k USD soon. But you never know what direction can market go and its completely unpredictable. We can only do analysis based on the current market pattern. Whats your view?
Market isn't completely unpredictable, and it's pretty easy to trade if you know the right way to do it... be realistic. Bitcoin ATR is about 300 at the moment, if we're at 7400 with 6 consecutive green bars, how likely it is to continue the move up for 5 more ATR?, that's NOT going to happen without a serious pump; yeah, maybe in mid August we can see 9K, but not next week, not happening. Price will consolidate and whipsaw for a while, probably falls to 7K or 6900, making people believe of yet another fall, they will start opening sell orders and another whale will scoop them up and drive price further in a few days back to 7400, then and only then; IF price breaks 7500 due to those moves we could expect further move up to 8000 or 8300 (3 ATR). Just my 3 cents, be realistic and you'll make more profit trading that holding a candle and hoping for the best...
liked your details market explanation about current market trend @ejgarcia . there are chances that it may go slightly down and jump again .
Yeah, I come from trading other markets, and joined the crypto markets not too long ago, I actually found a good computer backtested algorithm for trading cryptos and I've been using it since... If you've used tradingview.com before, I published a free version not too long ago, but basically a winning strategy in cryptos is to wait for price to be in a trend (like BTC up now) and wait for a nice red candle to buy, instead of buying mid trend.
Yes I use tradingview.com sometimes.