BIP 91 looks to be locked-in now. As hypothesized in my last post, this has given us enough boost to push our way through some MAJOR resistance points. Bitcoin's behavior here is extremely bullish! At the time of this writing, BTC is currently wrestling with resistance at $2599. Once through, it's on up to $2670 or the bottom of our bullish GREEN channel, whichever comes first. Once we get there, I am not sure how much energy the bulls will still have. If we do end up getting to the bottom of the bullish GREEN channel today, I don't think the market will be able to power through.
My analysis today is that we either tap out at $2600 or somewhere around $2670. Tomorrow is another day but I don't see us breaking back into our bullish GREEN channel today. And, if you are a day trader (which I am NOT), these are excellent areas to short back down to the 50 MA or even possibly the $2420 support.
Happy trading folks!
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Day traders - the $2420 support would not be reached today but possibly in the next few days as we consolodate and try to build up energy to break back into our bullish GREEN channel. It is possible we go back down to the 50 MA today however. I can see us sitting on top of this for a bit of a breather.
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Bitcoin hit $2665 a little earlier. It is probable that this was our high point for the day. As I stated earlier, $2670 appears to be pretty good resistance and since it intersect the bottom of our GREEN uptrend channel, it provides 3x the resistance. I doubt we go through it today.
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The power of these bulls! And why I am not a day trader on Bitcoin. We went right back into our bullish green channel without stopping. I am now a bull again!
I day trade sometimes, but I see it as a highly risky strategy to short and scalp the market now. Maybe in a couple of days. Good luck to whoever dares!
stewdamus
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@nakov, I agree. BTC moves too fast for me to day trade it. I'll stick to my swings. Much more forgiving.
farrokh.ansari.1977
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Crypto-psycho-interpretation ETH vs BTC:
I would like to see ETH catch the uptrends vigorously. But despite ETH's technically being the more potent of the two currencies, it is BTC which is seizing the main focus and attention of crowds due to Segwitx2 & Aug 1sth upcoming drama, thus we are going to see more life and predictability in BTC market and charts in comparison to ETH market. So ETH does not receive as much positive attention as it is capacitated for, and for short term, I emphasize on short term, BTC remains the main player of the scene while ETH intrinsically cannot contribute much to the cryptocurrency total cap recovery.
Generally you see which ever seizes the publicity of the headlines wins the capital and somehow sometimes it is the controversy which decides where the gain is going to be not the actual technical definitions and potential.
Is this psychological interpretation of the two interconnected and competing markets valid in your expertly view? And if yes, is there a way of incorporating it into the charts and so schedule timing of investing on the two to max the profit? Maybe that is what expert traders do instinctively.
On this I, as an enthusiast, seek consultation from you and other PRO members who, not like me, are experts.
@Andy1, Thank you for the info. I would still suggest we go to $4000 before the 2MB hard fork.
nafnar
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What if it breaks 2700 at 23/7 when BIP91 activates? Short or long then?
stewdamus
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@nafnar, As soon as we enter back into the bullish GREEN channel, I will reanalyze. I will be a bull then. $2700 on 23/7 will barely put us back into the channel but it will be close. I will feel much better about an entry if we get a day or two of consolodation before then.
nafnar
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@phil.steuerwald, Thank you sir :) Your analysis have been of tremendous help.
@phil.steuerwald, I think it is going sideways at the moment, neutral. But curious what if it touch/passes the 2800 resistance? 2800 has been tested quite a few times now.