Yesterday I told you if price broke above the $6,280 resistance, it'd likely reach at least $6,629. Here’s yesterday's chart with the scenarios I outlined:
Today, scenario 1 played out perfectly. If you took that trade, congratulations. If not, don’t worry about it. There'll be plenty of opportunity going forward.
Looking at the 4 hour chart, we can see price rose above the 50 day MA and 55 day EMA. If a 4 hour candle opens and closes above the 55 day EMA, that'll be a good sign of the market continuing to strengthen.
The 4 hour chart also revels hidden bearish divergence on the RSI and MACD. This suggests we might see a correction in the near future. If price can remain above $6,300, I’ll remain bullish in the short term.
If we pull our fib from the $7,150 high to the $5,870 low, we can see price bounced perfectly off the 0.618 fib. In the short term, I see 2 possible scenarios.
SCENARIO 1:
SCENARIO 2:
In today’s video update, you can watch me close my trade from yesterday in real time, find out where I think price might go in the short and long term, review traps to avoid and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Slightly Bullish
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
Hmm... once again the 6K$ held, this is becoming an ever solid floor, and still i feel we need to pierce through for 5K$ before we se a major reversal. High summer season would have been the perfect time. Will our all pain be only prolonged further?
I believe we may see a temporary rise, but will test the $5,900 support again. If we break above $7,800, I’ll start to reevaluate. If we break above $8,500, I’ll start to believe we could be entering a longer term bull run. A break above $10K would confirm it.
The truth is, it all comes down to what the SEC says next month. We’ll likely see investors entering the market on speculation of approval...just like this last pump. If the SEC rejects ETF’s, or postpones the decision again, look out below.
I wonder why the market is so knee jerky with the delayed ETF, I mean in my opinion it will likely be delayed again in Sep till the Feb 2019 date. BTC did touch 6600 and looks like it recently just touched 6300 on the dollar (gdax). I have question about fibs, how do you know which fib to look at for possible resistances? we could take a fib from the 10k area, 8500, 7150 per you post, do we just run multiple fibs or once lower high is taken out we take a fib from the very next lower high ?
You're right...ETF's may very well be delayed again. Fibs are generally taken from the latest swing high to swing low, or swing low to swing high of whatever structure you're analyzing . That can vary depending on how you're trading. As a day trader, I often zoom in on small microstructures on a 5 or 15 min chart that wouldn't even be seen on a higher time frame like the daily or weekly chart.
Scenario 2 more likely if the volume doesn’t change.
Good analysis!
Thanks @toofasteddie. We'll see...
dear@workin, as per your prediction Bitcoin will start his small bull period from now.
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