BTC - Principium
Updated
On the 26th of July, BTC will find itself at crossroads and be left with the very difficult decision to make, namely, Up? or Down?
For now, BTC hangs tight between two inclining support/resistance as indicated in the chart. It also finds itself inside an expanding wedge pushing it further down towards the support trendlines indicated by thick green and red lines.
As we approach the 26th, the following could play out, and the chart should help you not to get stuck in the wrong direction.
If you are trading, make sure you take the help of my chart, and also analyze on your own before you make an entry into market. For me personally the range between 9200 and 11500 is a no trade zone, if you understand the risks of it!
There are enough trades for everyone, so don't FOMO! Peace!
For now, BTC hangs tight between two inclining support/resistance as indicated in the chart. It also finds itself inside an expanding wedge pushing it further down towards the support trendlines indicated by thick green and red lines.
As we approach the 26th, the following could play out, and the chart should help you not to get stuck in the wrong direction.
- BTC could stay between the inclining trendlines in red and blue until the 26th with volume decreasing to its bare minimum. In this case, on the 26th, BTC could drop dead into the cloud, violating it in a very bad way. If that happens, more pain will follow.
- The expanding wedge could push BTC towards the first thick green support starting tomorrow. In this case, BTC should not violate the support and take off on the 26th, namely on the journey to ATH.
- If BTC violates the thick green support trendline in the coming days and goes towards the thick red trendline, the chances of it holding up are quite slim. If there is a strong pullback with increasing volume on the 24th or 25th of July , without violating into the cloud, chances are it might continue up. That would be the completion of the Bullish Gartley.
- Very Important is that the cloud should not be violated, no matter what. If it is violated and BTC still goes up, that will be your bull trap scenario.
- To play with the minds of the traders, there will be wicks in both directions, tricking them to follow in the opposite direction. Be clever and utilize this.
If you are trading, make sure you take the help of my chart, and also analyze on your own before you make an entry into market. For me personally the range between 9200 and 11500 is a no trade zone, if you understand the risks of it!
There are enough trades for everyone, so don't FOMO! Peace!
Note
When you climb up a mountain, people say never look down, heard of it or been in a similar situation? BTC just did that and got scared and crawled up into this small corner to feel safe. The question is, whether BTC will reach the summit or tumble down? Note
A recent development has led me to develop a bias that BTC is going to try and reach the summit. PLEASE DON'T SHORT THIS. Buy the dips, right now I can't see a proper entry. Will be providing an update when I see one.Note
Big ass green candle alert!! There is high possibility that BTC will shoot up tomorrow. Conditions:
The daily candle should close above 10470 today.
Target:
11840
Note
If daily closes below 10470.Target:
9686
Note
For sustained bullish momentum towards higher highs:I would do this, if we I were the market.
Go all the way down to 8787 and be back up above 10.4k by tomorrow.
Note
9686 reached, shorts closed. Sitting right on top of the support trendline.Note
BTC has perfectly touched the red line of support. I was not sure back then if it would hold, it seems to be holding now. The question now, it can BTC break out of the downward channel?
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