BITCOIN, Dump has GREAT CHANCES to Continue!

18 ก.ค. 2019

At the moment the Bitcoin price is located very close to the strong resistance level - $10000. But the most interesting thing about this level is that it can transform into a mirror level. Thus, when the price breaks through the one and fix above, we can see another upward wave to the $10350 level, from where will be formed a new horizontal consolidation channel.

If the resistance will be strong enough to keep the price below and the price goes down - the first stop will be located in the $8500 - $8800 area. From the other hand, the bottom of the current downward movement is located at the end of the wave 1-5, which means that now we should expect ABC correctional waves. But we know Bitcoin market and know how it works, we more likely, will see the downward spike or a double bottom, before the price will return and go upward.

On the oscillators we can only see a bullish convergence which has already worked out. For the Strongest upward movement we have to see stronger bullish signs from the market: volumes, reversal pattern, oversold, whatever. In any case, currently we don't have enough reasons to open LONG position. We can open a LONG position only in case both resistances mentioned on the chart will be broken and the price will take hold above ones. Until it happened - priority is SHORT.

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18 ก.ค. 2019

บันทึก

We've been able to catch the movement from $9800 to $9300. However, levels have changed their values, but not the location. Before the pump happened, we've predicted the downward movement about which we wrote in the text above. But after reaching the "B" point, the price pumped hard with extremely strong volumes which tell us about the trend reversal, not about the local correction. Moreover, the price has broken through both resistance levels and take hold above.

The next resistance is located in the $10800 - $11050 range, exactly from this level we can see correctional movements in the zone of the newly formed support - $10000 - $10300. Want to remind you that the trend was changed into an upward, so you can confidently open LONG positions in the support zone. In case the $10000 level will be broken - the trend will be changed back to the downward, so you know where to put SL.