Cryptocurrencies Outlook | BITCOIN
Monday, 16th July 2018
Note: I use New York Close Chart for all my Trading Analyze.
BTC/USD
Overall, the rebound in BTC is developing nicely despite the deep pullback from the July 8 high of 6794.80.
In fact, 10 days ago, this nascent counter-trend that first developed in the hourly time frame on June 24 was also confirmed in the daily time frame.
Now we have three separate time frames that confirmed this counter-trend rise – bolstering the near to medium-term bullish bias.
Going forward, if 5738.77 holds, odds favor continued strengthening of BTC. In the daily time frame, the major hurdle is the counter-trend line from 11734.82.
In the 4-hourly time frame, the initial push higher in the counter-trend rise was capped at the supply zone at 6605.13 – 6871.03.
While the pullback from there was rather deep, it is still within the counter-trend parameter.
In so long as 5775.14 holds, bias is still to the upside.
In terms of wave count, it is possible, BTC is getting ready for a push higher having completed an (i), (ii) sequence from 5738.77 to 6794.13 from 6054.69.
If the count is correct, we could be seeing a rally towards 7762.26 or at the supply zone at 7515.31 – 7656.08 in the days ahead.
In the hourly time frame, the decline from 6794.13 has probably bottomed out at 6054.69 last Thursday.
The initial surge from there suggested buying interests are back in the market.
However, the supply zone at 6036.03 – 6383.62 is proving to be a rather solid barrier so far. A breach of this barrier is crucial; failing which profit-takings may set in once again.
In the event that this barrier is breached, the next barrier is located at 6544.17 – 6590.20.
Going forward, if the wave count is correct, we could see an aggressive surge above the 7000 level towards the 7500-7600 target zone in the current installment as depicted in the 4-hourly time frame.
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