Bitcoin Trend Series / EP. 656 / The Confirmation Line
Time: 8.27 A.M. / GM+2 / 17th July 2018 – Tues.
In our previous post / 655 / we had forecast the trading range will be between 6.039K & 6.842K. The intraday low was 6.349K and the high was 6.771K.
Conform 4H, Bitcoin price has completed its inverse head and shoulders reversal pattern and continues to fluctuate above 6.700K,
so we are now waiting for the pattern's confirmation.The Confirmation Line is located at 6.842K, as breaching this level will provide positive factor, to lead to a climb towards 7.150K followed by 7.360K.
The Expected Upmove remain valid conditioned by price stability above 6.420K.
For Our Long Entry, we moved our SL from 6.039K to 6.300K ( break-even).
- Weekly Setups stands the same and our major target of AB-CD Pattern is around 4.300K.
Sentiment
The trend is Bullish for today.
Support 1: 6420.000 level.
Resistance1 : 6842.00 level.
Support 2: 6200.000 level.
Resistance2 : 7360.000 level.
Expected trading for today:
is between 6420.00 and 7050.00.
Expected trend for today :
Bullish.
Medium Term:
Bearish.
Long Term:
Bullish.
The low of 2018:
4267.00 / Expected.
The high of 2018 (BitcoinTrader's Year):
14469.00 / Expected.
The low of 2019: ???
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
I am confused about your long term analysis. Intially BTC was trading a bit outside the AB-CD Butterfly pattern but now it looks more like a break-out. Could you please explain why the pattern is still relevant and not requires updating?
Conform 4H Chart , we wait to see what will happen around 6.842K, as breaching this level will provide positive factor, to lead to a climb towards 7.150K followed by 7.360K.
But in the same time weekly stand the same to show the new potential low around 4.3K.
So most likely the price will go up towards 7.360K before any new attempt to decline.
Thanks for support.
So that new attempt is about to start.... let’s see
This post has received a 8.29 % upvote from @booster thanks to: @lordoftruth.
Lets see some quick up and downs the market cap has grown quite a lot in a single day