Bitcoin Getting Cornered In A Very Tight Spot

2019년 7월 29일

Hello friends,
Hope your weekend went well.
Let's see what the BTC market has in-store for us here...

Bullish Case:
1. We have a Falling Wedge (Blue Lines on price action)
2. Bullish Divergent Lines (Yellow Lines) on Price action and RSI
3. Stoch RSI momentum is directed upwards (but a lagging indicator)
4. The general trend of is upwards since December 2018
General price target for a breakout to the upside:


Bearish Case
1. Short term trend is directed downwards since June 26 to present day.
2. There's still a low-mid chance of falling wedges breaking to the downside.
3. Stoch RSI is a lagging indicator and not an absolute indication of where the market is going.
*Bitcoin may always chose to make an FU move.

Best strategy for any case:
1. Wait for the breakout prior to putting in a trade.
2. Place a trailing stop loss position (to counter any FU move).
Price target for a breakout to the downside:
- between $8,600 - $7,500.


Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.

Happy Trading Everyone.

Ron




Check out these still valid mid-term outlook for Bitcoin using:

Support and Resistance Lines

The Trend-Based Fibonacci Extension Tool

Elliott Impulse And Correction Waves

2019년 7월 29일

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We have unfulfilled bullish divergences...

2019년 7월 29일

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2019년 7월 31일

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We have price movement to the upside now.

2019년 8월 1일

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Bullish Ascending Triangle