Bitcoin Retracement to ~$8k.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin continuing to complete corrective phase to backtest $8k.

Pattern has repeated twice previously, both on the close, both to close CME gaps and both resulted in continuation into buying interest. See them attached for reference. Both made alot of money.

Weekly looks good to hold above the 20WMA which is critical on a macro POV.

Im interested in $8k-8.1k. Mainly in a cash position at the moment. Following long idea will be invalid if the weekly closes below the 20 and 50WMA next week.

All of this is perfectly reasonable within the 12 month forecast. I expect a run to 9k again in the next couple of weeks.

Best, Filb.

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shorting the lows lel...see you next month at 10-11k~
+8 Reply
Any new update after this pump!
+5 Reply
Give it up Dewey Cox
+5 Reply
A run at 9K in the next couple weeks you say? How ‘bout next couple hours!!’
+5 Reply
No, not at all. It broke the falling wedge and will go back to bull. Bitcoin is mostly echoing anti-fiat and is generally lagging the same movements as Gold / Silver atm.
+5 Reply
filbfilb Meijiro
@Meijiro, Ill come back to this.
filbfilb Meijiro
@Meijiro, Where is the falling wedge?

+1 Reply
Meijiro filbfilb
@filbfilb, that is a falling wedge, not descending channel. If you look at the Gold / Silver charts you will see something very similar. They broke about a day earlier.
+4 Reply
filbfilb Meijiro
@Meijiro, You should teach trading, knowing so much!!!!
+2 Reply
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