Hi again my dear friends.
There might be a little panic out there due to the red candles we had during pas couple of days, but I like to say there is hope, actually Im kinda bullish, not super bullish though.
SO as we talked it was predictable to retest ~$7300 area, but not going further down. I also published an idea yesterday about why I believed Wednesday or Thursday will be possibly green (apparently the idea is hidden due to some house rules I didn't pay enough attention to, so I will share the chart image and quote the description here for further clarification)
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Yesterday's idea
"So as I mentioned we almost had a retest of ~$7400, the prediction was based on pure TA, you can check out the previous post here
So what about the possibility of breaking ~$7400 and going for ~$6900 as I mentioned in the previous post? Hopefully it wont happen! because we have several EMAs (4h,6h, and 8h) and a MA (12h) around $7400 area. As I have always said, moving averages usually act as sups/resistances. So we might not see lower prices in Wed and Thur, there is even a chance for some green candles. Retracements are a normal part of a trend, so as far as we don't go down like shit, there is no need to panic.
Lets see if ~$7400 can strongly hold.
I Wil have a gift for you guys on Friday, I will write a special TA analysis for long term price prediction, probably several pages, and will publish it on Friday (you can write down a comment, or send a DM and let me know what you are looking forward to read in the report, I will try to include it)
So make sure you follow so you don't miss this special Analysis!! "
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Now lets talk about what we see today
On daily chart we are still good, BB20 supported the price making the last drop a typical minor correction that we always see during uptrends, Stochastic is still able to make higher lows and keep going, MACD and DMI not showing bearish crossover yet. The point is if BB20 cant hold the price all the signs are gone, support broken, indicators will turn bearish, then we need to worry if we are going down again or its just consolidation phase. But right now I like to be more bullish. The biggest problem right now is VOL, its low and apparently fresh money is waiting for breaking more resistances, may be ~$9100 or ~$10000. We all know that breaking $10k area is a huge step toward a rally. Overall I think August and September will be better months, let hope for it.
The very first thing that needs to happen, and needs to happen fast (in days) is getting back above $8k, and that's hard, we have 1D EMA200 and 3D MA50 at this area, and it has proven to be a strong resistance/support area.
I will publish another idea based on shorter time frame chart followed by this one for better understanding of the situation.
If you like my ideas, pls show your support by liking and following.
Remember that "The stock market is a device for transferring money from the impatient to the patient."
Garyreza(@Analytca)
There might be a little panic out there due to the red candles we had during pas couple of days, but I like to say there is hope, actually Im kinda bullish, not super bullish though.
SO as we talked it was predictable to retest ~$7300 area, but not going further down. I also published an idea yesterday about why I believed Wednesday or Thursday will be possibly green (apparently the idea is hidden due to some house rules I didn't pay enough attention to, so I will share the chart image and quote the description here for further clarification)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Yesterday's idea
"So as I mentioned we almost had a retest of ~$7400, the prediction was based on pure TA, you can check out the previous post here
So what about the possibility of breaking ~$7400 and going for ~$6900 as I mentioned in the previous post? Hopefully it wont happen! because we have several EMAs (4h,6h, and 8h) and a MA (12h) around $7400 area. As I have always said, moving averages usually act as sups/resistances. So we might not see lower prices in Wed and Thur, there is even a chance for some green candles. Retracements are a normal part of a trend, so as far as we don't go down like shit, there is no need to panic.
Lets see if ~$7400 can strongly hold.
I Wil have a gift for you guys on Friday, I will write a special TA analysis for long term price prediction, probably several pages, and will publish it on Friday (you can write down a comment, or send a DM and let me know what you are looking forward to read in the report, I will try to include it)
So make sure you follow so you don't miss this special Analysis!! "
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Now lets talk about what we see today
On daily chart we are still good, BB20 supported the price making the last drop a typical minor correction that we always see during uptrends, Stochastic is still able to make higher lows and keep going, MACD and DMI not showing bearish crossover yet. The point is if BB20 cant hold the price all the signs are gone, support broken, indicators will turn bearish, then we need to worry if we are going down again or its just consolidation phase. But right now I like to be more bullish. The biggest problem right now is VOL, its low and apparently fresh money is waiting for breaking more resistances, may be ~$9100 or ~$10000. We all know that breaking $10k area is a huge step toward a rally. Overall I think August and September will be better months, let hope for it.
The very first thing that needs to happen, and needs to happen fast (in days) is getting back above $8k, and that's hard, we have 1D EMA200 and 3D MA50 at this area, and it has proven to be a strong resistance/support area.
I will publish another idea based on shorter time frame chart followed by this one for better understanding of the situation.
If you like my ideas, pls show your support by liking and following.
Remember that "The stock market is a device for transferring money from the impatient to the patient."
Garyreza(@Analytca)
Comment:
It can get really bad if we cant break ~$7900 area soon. Right now market is more kinda indecisive. If I had the money I wouldn't buy now, if I had coins I wouldn't sell now, my personal preference is to wait and don't rush into decisions. (its not a investment advise)
