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*** REMEMBER I AM TELLING YOU ALL OF THIS IN ADVANCE.
THIS IS NOT HINDSIGHT TRADING THAT SO CALLED "GURUS" GO THROUGH ***
PLEASE WATCH VIDEO BELOW:
In todays analysis, I am predicting a Bitcoin Bounce to around $2,490-$2,495. The price at the time of this writing, on 13 July 2017 is 2388.90.
Doesn't this contradict the Bearish position I wrote about in my "Episode#4 Bitcoin Crash"? No sir/madam, it doesn't.
Markets very rarely go straight down (or up), as traders we must remain FLEXIBLE, NIMBLE, ALERT and go with the FLOW.
NOTE: if it breaks $2,490-$2,495, I expect it should halt at $2,640, which is the next area of resistance, and where it I will for a looking for a double top.
View previous video : Episode#4: Bitcoin Crash
https://steemit.com/bitcoin/@supertrader/video-episode-4-bitcoin-crash-fall-to-usd1-650-current-price-usd-2504-10-july-2017-https-steemit-com-supertrader
As speculators (should we wish), we can "double dip' - make money going down and make money going up, but in this instance it would mean you being a CounterTrader, as the trend is currently Down. Decide BEFOREHAND, which you are? A Trend trader or a CounterTrader. Don't keep changing half way through a trade otherwise I guarantee you wil confuse yourself and lose money. Trust me I know what I'm saying, as I have "hands on" experience.
The anticapted move down. which I predicted prior to the event, would have resulted in a profitable trade. However, inevitably there is a rally,as the Bulls fight back and this rally is what see occurring in the next few days. So let's examine this further.
Looking at a 4hour chart, you wil recall I pointed out to you an Uptrend with an upward sloping trendline which we expected to break. This did break and our Short Entry was triggered.
We now have the Bulls deperately fighting back and they are pulling out the troops for a charge up.
You wil see from the chart that its looking to do is test the underside of the broken uptrend rally, which coincides with a previous bottom - what was support becomes resistance and vice versa.
Now there is a great deal of resistance here. I have identified, for you, 7 technical reasons why I anticipate the Bears to take control again (pleae watch video for a full explanation).
- EMA blocking blocking it.
- 61.8% Fib
- Underside of Ichimoku Cloud
- Similar size rallies
- Previous bottoms become resistance
- Down Trendline
- Topside of Bear Channel
What I see now is a Bear Channel developing, as the Bulls and Bears duke it out, testing the upper and lower limits of the band shown below:
*** REMEMBER I AM TELLING YOU ALL OF THIS IN ADVANCE *** So you can
a)plan your trade
b)stay calm and in control whilst others are panicking.
I am giving you 10+ years of successfully trading markets, which I am freely sharing with you.
Hope this helps.
Analysis by Sean Vengan 13 July 2017
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Sean Vengan, Cryptotrading Mastery.com
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