BTC Forecast Update. 8.5k within 48-72 hrs
Updated
Highly likely we'll be around 8.3k-8.6k within the next 48 hours.
Previous charts:
![BTC following previous 20k pattern [Target 10.8k to 8k]](https://s3.tradingview.com/y/yBIR41hf_mid.png)
![BTC Major support levels [1D, 3D, 1W, 1M] + VolProf](https://s3.tradingview.com/c/CAZEy3Ga_mid.png)
Objective:
This has been going exactly according to plan as per my last 3 BTC charts that I've posted. Here's the update. We have rejected from the 10.2k twice now (the red boxes). I was originally worried for my short position we'd get to 10.6. Not worried anymore. We've already bounced off the top of 9k (May 30th 2018 top). Next rejection point should be at the Purple box. Rejecting at the Yellow line is expected, getting to the orange would surprise me, and if price raised to the teal level at 10.2k/10.3k I would have to reassess my positions.
There is no where left for the price to go. We either need to break the 10.2k, or we're going to the next zone below at 8.6k-8.3k.
Subjective:
-There are still lessening shorts, the price movement is more bearish by the day, and September futures are finally trading at a 50-100$ discount depending on your exchange. December is nearly at Spot price. This is the first definitive sign that the market is turning bearish. Too bad they're about a month late lol, should've been shorting that premium.
-If I'm correct this down move will be exacerbated because the long term indicators (4hr, 1D) are currently saying to buy, which is exactly what happened last time at this point from 20k fractal. The margin positions and buyers will create a waterfall effect downwards as stops and liquidation are hit in conjunction with market makers selling spot.
Long term prediction:
After the bounce from the 8k range to the 9's, well be at 7.5k within 1-2 weeks.
Price holding at 10.4k would invalidate everything.
Previous charts:
Objective:
This has been going exactly according to plan as per my last 3 BTC charts that I've posted. Here's the update. We have rejected from the 10.2k twice now (the red boxes). I was originally worried for my short position we'd get to 10.6. Not worried anymore. We've already bounced off the top of 9k (May 30th 2018 top). Next rejection point should be at the Purple box. Rejecting at the Yellow line is expected, getting to the orange would surprise me, and if price raised to the teal level at 10.2k/10.3k I would have to reassess my positions.
There is no where left for the price to go. We either need to break the 10.2k, or we're going to the next zone below at 8.6k-8.3k.
Subjective:
-There are still lessening shorts, the price movement is more bearish by the day, and September futures are finally trading at a 50-100$ discount depending on your exchange. December is nearly at Spot price. This is the first definitive sign that the market is turning bearish. Too bad they're about a month late lol, should've been shorting that premium.
-If I'm correct this down move will be exacerbated because the long term indicators (4hr, 1D) are currently saying to buy, which is exactly what happened last time at this point from 20k fractal. The margin positions and buyers will create a waterfall effect downwards as stops and liquidation are hit in conjunction with market makers selling spot.
Long term prediction:
After the bounce from the 8k range to the 9's, well be at 7.5k within 1-2 weeks.
Price holding at 10.4k would invalidate everything.
Trade active
Found something that worries me, I see a posibility of us breaking up wards one final time before we go down. I've changed the leverage on my positions, closed some of my short, and placed Asks running up to 10.6k. This is the fractal I discovered.
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