BTCUSD: Update

I think we will see a sideways range in , as anticipated in my last publication. Having bought a position very close to the recent correction bottom, I can comfortably wait it out until the weekly trends are ready to rally again. The timing for this event interestingly approaches August 1st, so, it makes me think the market will grind sideways for longer.
There are two targets I came up with, after processing information from weekly and daily charts, which indicate that we can hit prices between 4000 and 6000, so, it won't surprise me to see prices rally rapidly, once fundamental risks are out of the way. I aim to build a 20% position in by then.

Longer term charts imply a rally is likely all year, which is even more interesting, since the SEGWIT2MB date for a hard fork would be by the end of the year, this could be a cause for a correction or consolidation, cooling off after a 2 year rally.

Cheers,

Ivan Labrie.

Note

I added to longs at 2470, just 4%.

I bought 10% at the bottom practically.

Note

I bought 10% more at 2060 euros at kraken, and now sold all back down to 10% account position, here:

Note

The market will probably remain sideways, so I focus on reducing my cost basis, while we await the resolution of the scaling debate.

Note

You can see why selling at the resistance was wise... chart

Market is sideways until fundamentals change.

Note

People, these lines are constantly redrawn, no edge in them whatsoever.

IvanLabrie

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.