[ Trading ] Bitcoin bounce to $8600 next according to Wyckoff method!

in trading •  2 months ago

You would think that I learnt my lesson in May with that pull back and not fall for the August pull back. No I did not and I did not even follow my Martin Trend indicator. No I thought I was clever and could time the next bounce myself. NOT so.

Yesterday’s dump caught me off guard, think that that the next bounce is incoming. So last night I watch how bitcoin dumped from 7100 to 6500 and this morning I see it went to 6424.

Are we in for a bounce? According to the Wyckoff method, YES! I am amazed how bitcoin is following this chart.

Source: https://www.tradingview.com/chart/BTCUSD/u6EwYexp-Bitcoin-Wyckoff-Method-Analysis/?utm_source=notification_email&utm_medium=email&utm_campaign=notification_follower_idea_update

Do you think the next stop is $8600?

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Thank you. :)

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Thank you for your support.

Regards

Colin Brazendale

Email: cwb197@gmail.com
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More information about me:

I love Steemit and I have been blogging here since June 2017. I am always looking for ways to increase my Steem and SDB holding. Lately I have started trading bitcoin and altcoin using an auto trading robot. So far it is going well, and I am in profit. 😊

Most of my time is spend on internet marketing for my clients on Google Adwords, but I also love network marketing on the internet.

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thanks for the tips.

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Very helpful yes

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Hey @colinbrazendale, unfortunately, barring some really bullish news I don't think we've seen the bottom yet...

I vote for next stop $8600. Go Wyckoff!

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Yes, but support must hold at 6400. If this breaks we are going way down to 5900 and lower.

8 600$ is a long way without any good news... What do you think?

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Yes, it is. But anything is possible with Bitcoin remember. :)

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That's true! But there was a speculative bubble last year... I'm long but the market is bear so I hope that will change :)

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Totally! We can see that now. Last year it was blue sky all the way up. Now we in a long bear market. Absolutly the oppiste from last year. And it is not over yet. 6400 must hold.

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Oh yes but we are very close to $6400... Next hours, days, weeks will be very stressful!!! ^^

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Very! I am out for now.

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Maybe it's the best thing to do!

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Tone Vays negative view comes into play again. He says 5100 next stop and lower later. :( Watch from 8 min in video:

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Wyckoff method must hold at 6400. Otherwise it is Tone Vays view of the 2014 correction. And that means 3500 bottom.

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We are waitting september, August isn't a good moment for BTC and Alt...

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I see the video of Tone Vays, thank you! For the moment the market isn't at 5100, but in our company we're thinking about a next stop at 5900... So we are again in a bearish market!

Excellent analysis Colin. However, I would caution against trading the bounce as analysis shown below for example indicates the potential downside for Bitcoin as a more probable path for future price developmentBitcoin July 30.png

You got a 4.25% upvote from @emperorofnaps courtesy of @colinbrazendale!

Want to promote your posts too? Send 0.05+ SBD or STEEM to @emperorofnaps to receive a share of a full upvote every 2.4 hours...Then go relax and take a nap!

Well we analyze to death as humans but I found your piece of chart analysis interesting followed you and upvoted!

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Thank you for your support. Let hope this chart is strong enought to hold Bitcoin up. I don't want to go below 6400.

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Sounds like a plan

Thanks for the info and the tips! Keep up the good work.

You got a 3.83% upvote from @upme thanks to @colinbrazendale! Send at least 3 SBD or 3 STEEM to get upvote for next round. Delegate STEEM POWER and start earning 100% daily payouts ( no commission ).

You got a 6.78% upvote from @upmewhale courtesy of @colinbrazendale!

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It's just so sad that the whales have such a power to kill all the optimism in us. 😐

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It is a brutal bear market.

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