[ Trading ] Wyckoff Method and the current Bitcoin chart

in trading •  3 months ago

At the moment we are still in a correction wave. Bitcoin was down to $7300 and currently at $7360. Support has been broken one by one on the way down. If $7300 breaks we are going lower. But how far?

I found a very interesting chart today on Tradingview. It is a trading idea from xuanhaimmoer on Tradingview. He thinks the Bitcoin price is following this chart exactly. It looks like it.

According to this Wyckoff chart we have support at between $6930 and $6530 before going higher.

What do you think?

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

Here is more info about Wyckoff: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method

Do you think support at $7300 will hold?

Please give us an Upvote if you think this info was helpful. It will help my online business a lot and I hope to return the favour soon.

Thank you. :)

PS. Hot tip 1, Remember don't upvote this post if older than 7 days, you are wasting your voting power!
PPS. Hot tip 2, when buying upvotes, do it in the first 3 to 15 min of posting. You get 90% to 100% of curation rewards.
PPPS. Hot Tip 3, upvote your own post in first 3 min. You will get all of it back.
PPPPS. Hot Tip4, I love buying upvotes after 20 min of making a new post. Make sure you upvote before I buy upvotes to get your share of the curation rewards.

Thank you for your support.

Regards

Colin Brazendale

Email: cwb197@gmail.com
Facebook: https://www.facebook.com/colinbrazendalesinternet/
Youtube: https://www.youtube.com/user/czb1972/
Website: http://www.autotradingrobot.co.za

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.

I have been cloud mining for the last 2 years, but stopped promoting it due to the low returns from Jan 2018.

Why I joined Zukul Trade:

How to get started with Zukul Trade:

Proof of earnings 18 May 2018. The auto trading bot made $170.88 in the last month in down market.

Contact me via email cwb197@gmail.com for more info on the auto trading bot.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

We are almost there at $6500 to $6900. That will mean a higher low, then we just need a higher high and we are in bull market again! :)

·

Bitcoin and Alts are very weak at the moment. If Bitcoin goes down to 6500 again, immaige how low the Alts will go! Crazy low.

·
·

If Bitcoin crashes to $6,500 we will certainly see some extremely cheap and under valued altcoins!

Today proved to be another difficult day for investors and traders as price was unable to push higher to retest the resistance of $7,800. Instead we saw price reject the 200ema at the $7,700 level and fall lower towards the support at $7,200. The weekends often have low volumes and far less movement then the week days so i am expecting prices to stay around the $7,250 - $7,400 area.

If we go down to the 4hr timeframe we can see the clear rejection price saw as it tested the 200ema, forming a strong bearish engulfing candle as soon as price touch this area. Today also saw price find its feet at the $7,250 region, i expect we could see prices fall to around the $7,200 later today and really testing the strength of this support level.

Screen Shot 2018-08-03 at 7.03.38 pm.png

·

Very good analysis. Thank you for sharing.

·

If we can consolidatae at around 7200 and then go up again, it will be great. But I get the fealing many commentators are expecting Bitcoin to go to 6500 and then rebound. Which is also ok, as long as we don't go below 5900.

·
·

Very true. There is huge amounts of speculation that price will fall back to atleast $6,500 before we really begin the bull run which at this stage is very likely and definitely possible. Its going to be an interesting few weeks!