Hi, in today’s analysis I will give an update on Bitcoin .
PLEASE WATCH VIDEO:
We previously identified an upward trend line which had more significance as it turned out to be part of a bigger picture "Head and Shoulders pattern, with the trendline providing the Neckline.
We anticipate and profited from a short entry where it hit our Target1(T1) and Target 2 (T2), It did however, fall short of hitting T3 as the bulls came in and it found support at T2.
However, this current rally, to me is short lived. We see that there is a downtrend trendline developing and we are currently at the top of both the down trendine and a bear channel .
My view is that we will still hit T3, around $1650-$1700and we have 3 more factors to support this argument:
- The 200 EMA previously found support here and I believe it will act as support again
- Measuring the last major run discovers a 61.8% retracement which I believe will occur at T3
- Measuring the length of the neckline to the Head, of the Head & Shoulders, calculates a price range. If that range is projected from the last minor high prior to break of the neckline we see an equality or 100% range to a projected target of T3.
My short entry would be now with a stop loss above the minor high referred to above. This defines our risk and entry. Our target is T3. In doing so we can calculate our Risk to Reward to be 3.5:1 a healthy return.
Hope this helps.
Kind regards, Sean Vengan
Professional Cryptotrader & Trading Educator
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Thank you for your videos. I've just about made it through all of them on YouTube.
Thank you for supporting me, taking your time to view them and your kind comments!
I hope you are getting some value from them.
Good video. Good work. I have BTC on Bittrex right now. Thank you. I'm Doctor Oatmeal Joey.
Hi Dr Joey, thanks your comments and introducing yourself. Pleased to meet you.
Interestingly on Bittrex exchange they have created Bitcoin Unlimited and Bitcoin Core wallets anticipating a split.
When do you expect the price of BTC beginning the fall? 3 days before of august 1?
Timing and price is another more refined analysis. I am not predicting time only price in this analysis.
Your guess is as good as mine until I spend some analysis on time. But yes the prior during and after announcement is bound to bring volatility
Thank you again for your analysis... after today's events I am looking forward for an update ( of this update)... will btc come back, this is the question ...
No problem my friend. If it hits our stop loss the $2,800 level is next resistance.
Hi,
Sean said to watch for bitcoin news beyond all, because the SegWit2x topic is hot and can turn things upside down :)
Hi please see my comment on YouTube to one of the community> I wil be making am update video tomorrow.
Can't wait for it.
From what I see, I see a giant Pole and pennnt. I'll wait for your further analysis :)
I agree (i see a Flag)