Beware The Bitcoin Bounce
Bitcoin is doing the classic "bounce back to support", before it heads lower. I've been doing charting for many years with futures, and this is a no-brainer short trade.
Bitcoin has made making a wedge shaped pattern since May, and when the price breaks through the lower level of support, it's usually a sign there's more downward action to come.
Perhaps the hard fork being sorted means onward and upward, but I'd be really cautious, as it still needs to break through the 50 Day Moving Average, and then the Resistance that it's been hitting against since the beginning of June.
As an inital price target, I'm aiming at the 200 Day Moving Average, which is just below $1750.
Let me know what you think of my first post. I can do more complex chart analysis if people prefer that?
If you've been charting for years, you should know there's no such thing as a no-brainer. We are all just speculators in a huge and unpredictable market.
With that being said, I think your prediction may be on the right track.
(Not trying to be a dick, just trying to make sure people don't take your advice literally, bet all their money, and end up eating shit.)
Totally agreed. By no brainer, I meant, perhaps 60-70% likelihood at best, which is far from a sure thing. But a seasoned trader who manages risk well would take that trade all day. Thanks for the clarification @coochicoochicoo. I'll follow you.
meep
you should also take the recent events into account , It looks very good for Segwit to be activated , over 80% support at the moment , I think that is the reason for Bitcoin going up again .
August 1st is going to be a very interesting time for BTC
As you can see, August lines up really well with the above chart...
Congratulations @unicorn11! You have received a personal award!
Click on the badge to view your Board of Honor.
Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - The results, the winners and the prizes
Congratulations @unicorn11! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!