Bitcoin is stabalzing at 7400$~
As you can see, bitcoin is succeeding in holding its price at the 7400$~ area for the last 3 days:
What we will happen next? wil it it just be another bart simpson pattern and there will be a massive drop back to 6800$ I dont think so.
Bitcoin is trying to visit higher levels but it is done very slowly. The money that is pouring in today is much more "smart" and the investors know what they are doing and nobody is going all in. They understand that every price incriment requires time to consolidate and they time their investment accordingly.
I think the next stop is the key level of ressistence at 8000$.
This is a round number and it was a resistence level before but I think if bitcoin pass that it will cause the media to start pay attention again and they will give bitcoin the stage again, this accompanid with all the great news that is coming especially the awaited approval of the etf at the middle of august will bring bitcoin to a new price level that we have never seen before.
Cryptodad
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.
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Next stop will be 10k I think
It has to stable at 7400 for a while to breakout 7600 and 7800 resistance levels den it will definitely cross 8000$.Stay happy n calm.
Based on my charts a drop towards 7K or 6800 is more likely than continous move up. We are in an uptrend now due to that pump, but precisely because it was a huge pump, we can expect some retracement back to the 7K level at the very least before further move up... I would personally set a buy limit order at 7050 and a sell limit around 7600 for an easy trade.
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