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RE: Bitcoin Chart Analysis 14 July 2017 - Compressing Further Downwards

in #bitcoin7 years ago

Good analysis and very well written!

It is extremely likely that we will bounce back from around $1850. Pumps such as this, almost invariably revisits the very low of the beartrap on their way back down, and then rebounds to near highs after that. In this case we will probably see it rebounding to about $2800, before correcting again lower. Market structure will then indicate a longer term M on the RSI and MACD histogram, which is usually pretty telling in terms of a longer term reversal.

It is however possible that this is a pre-pump for a bigger pump or a massive beartrap, although it carries every sign of having visited the top already. That extremely bullish view on BTC seems plausible, but at some point there will have to be a break in the uptrend! And there is no telling if that will happen now or after $100000!

It is possible that ETH will disconnect from the BTC price during segwit activation and that the flippening will happen already then. However, I would think it is more likely to do so only after the BTC/BTU hard fork.

Extremely exciting times indeed! Personally I'm all out of BTC and all alts and intend to be until $1850. :)

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I am also hoping this is about building a springboard for a massive jump higher.

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