6 Red in a Row. Think About a Quick Long on Bitcoin BTC Here.
I recommend looking for a long BTC trade here.
As you can see, price is currently at a support off of an uptrend line. A parallel of this line was able to pause the fall on July 31, before price continued lower.
Chances are higher that this current line will halt the drop and possibly push higher.
Indicators are much less overheated as they were on July 24..
And... IF there is just one more red candle, that would be the longest streak of red candles in almost a year. There were 6 red candles in a row after the December high, and again there were 6 red candles in a row in March 2018... There are currently 6 red candles in a row.
All things considered. Odds have increased that the next candle will be a green one on the daily chart.
Note: I am not giving targets as I mostly held through this time as medium term holding until the VanEck SolidX ETF decision is released, and ETC Ethereum Classic is listed on Coinbase. So I an not personally trading at this time.
Also Note: those green lines were drawn in early 2018, based off of price action in November 2017. I don't think bears have enough steam to pierce below 6800 without some really big 'news'.
Thanks for viewing.
Travis
JMJ - UIOGD
As you can see, price is currently at a support off of an uptrend line. A parallel of this line was able to pause the fall on July 31, before price continued lower.
Chances are higher that this current line will halt the drop and possibly push higher.
Indicators are much less overheated as they were on July 24..
And... IF there is just one more red candle, that would be the longest streak of red candles in almost a year. There were 6 red candles in a row after the December high, and again there were 6 red candles in a row in March 2018... There are currently 6 red candles in a row.
All things considered. Odds have increased that the next candle will be a green one on the daily chart.
Note: I am not giving targets as I mostly held through this time as medium term holding until the VanEck SolidX ETF decision is released, and ETC Ethereum Classic is listed on Coinbase. So I an not personally trading at this time.
Also Note: those green lines were drawn in early 2018, based off of price action in November 2017. I don't think bears have enough steam to pierce below 6800 without some really big 'news'.
Thanks for viewing.
Travis
JMJ - UIOGD
Comment:
here is proof I drew those green lines March 9.... and they were valid in July.
Comment:
wow...all the positive news... yet price continues plummet... worst streak of down days since September 2017. one more day, and it will be the worst since January 2016.
Note: In both instances, there was a snap back rally once the bottom came in. a large chuck of the drop was gained back in 4-5 days after. so if you are not trading with stops, and are long now, you might as well hold on.
the positive news.
Coinbase announced Ethereum Classic will be functional by August 7th, and trading to follow 2 days after deposits are accepted.
Intercontinental Exchange Announces Bakkt, a Global Platform and Ecosystem for Digital Assets
Launch of regulated, physical Bitcoin futures contract and warehouse planned for November 2018
Bakkt to draw on expertise from leading companies across regulated markets, risk management, technology and consumer experience including BCG, Intercontinental Exchange, Microsoft and Starbucks
www.businesswire.com...l-Platform-Ecosystem
Coinbase CUSTODY is exploring support for nearly 40 coins for storage. blog.coinbase.com/co...-assets-e700496844be
I think the market has somehow not absorbed this news.... and technically, after these big drops, there is a snapback rally.. so let's see!
Note: In both instances, there was a snap back rally once the bottom came in. a large chuck of the drop was gained back in 4-5 days after. so if you are not trading with stops, and are long now, you might as well hold on.
the positive news.
Coinbase announced Ethereum Classic will be functional by August 7th, and trading to follow 2 days after deposits are accepted.
Intercontinental Exchange Announces Bakkt, a Global Platform and Ecosystem for Digital Assets
Launch of regulated, physical Bitcoin futures contract and warehouse planned for November 2018
Bakkt to draw on expertise from leading companies across regulated markets, risk management, technology and consumer experience including BCG, Intercontinental Exchange, Microsoft and Starbucks
www.businesswire.com...l-Platform-Ecosystem
Coinbase CUSTODY is exploring support for nearly 40 coins for storage. blog.coinbase.com/co...-assets-e700496844be
I think the market has somehow not absorbed this news.... and technically, after these big drops, there is a snapback rally.. so let's see!
Comment:
posted a new idea showing the Sept 2017 an Jan 2016 price action to compare red candle streaks... they BOTH saw a 61.8% bullish retracement within 4-5 days.
