Bitcoin is reaching the apex of a rising wedge. It’s also hitting a fairly strong resistance/supply zone starting at $7,400. If price remains within this wedge, we should expect it to break down the closer it gets to that apex. Conversely, a decisive break above the wedge could signify the start of a short squeeze and price rising to at least $7,700.
Shorts remain stacked, while long positions remains stagnant.
At this point, I think the only thing propping price up is the fact that retail heavily favors shorts.
In today’s video analysis, I discuss what to expect going forward, traps to avoid, my Elliot wave count and MUCH more information not found above. I hope you find it helpful.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
outstanding! (as usual) and thanks for your support.
Thanks my friend. Back at you.
Perhaps one rebound more on the triangle base completing an ABCDE pattern...will see
What are you counting as an ABCDE?
sorry...I was wondering if...
Hmm... so yet another test of 6k ahead? How long would btc need to run sideways to still break the long-term downward trend?
It's not really a matter of how long it runs sideways, but breaking the prior high of $8,500. We've seen BTC run sideways for over a year in the past. If this latest uptrend tops out below $8,500, technically the downtrend continues. If it breaks $8,500...then it'll have broken the series of lower highs and I'm going to start getting excited. We'll see....
I think sideways movement until SEC decision on Sep 15 and when it gets rejected we will see it breakdown in my opinion.
I'm thinking the SEC decision will get postposed again until 2019.
https://steemit.com/germany/@uccakash/germany-a-free-country-to-study-in
Please don't spam my posts. I know it's hard starting off on Steemit, but posting your links in other peoples posts is not the way to grow. It'll usually get you blacklisted.
If you'd like friendly advice on how to get noticed, try commenting on other peoples posts. When you do, they'll be more likely to look at yours. Here's a good post to get you started. Hope it helps:
https://steemit.com/steemit/@thecryptofiend/how-to-get-noticed-if-you-are-a-new-user-on-steemit