Sideways at Worst to $10,500 by This Weekend.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We have our reversal to upward pressure on or around July 30th as anticipated. However, I'm not expecting a "significant" upward move here. Mainly, due to the huge difference we see with the BitFinex Short and Long contracts. Short contracts currently at 6,600 and Long contracts currently at 22,375. Which see...

The higher time frames (Weekly, 9-Day and 12-Day seem to indicate a reversal to upward pressure is near. However, I'm anticipating that upward pressure to be for only a brief amount of time before continuing with downward pressure to eventually find support on the 20-EMA in the Weekly Time Frame (TF).

Ignore those two scenarios I drew in the publication for two possible scenarios. It's still possible for us to go to a higher high than $13,880 on Bitstamp . But due to the huge difference in the long and short contracts on Bitfinex, one can't help but conclude we're not going to higher highs and the current move up may only be for a brief amount of time.
Comment: We need to test this Red 20-EMA in the Weekly TF to spook away a lot of the margin long contracts on BitFinex and to lull in some margin short contracts. This is why I anticipate this current bout of upward pressure to only be brief and NOT to be a significant move upward.

Comment: Simply providing my Bitcoin History Using Wyckoff Method to show how I anticipate the Orange 20-EMA to act as "Last Point of Support" on this "Back-Up" (Shake-Out).

Comment: Here's the 12h-TF:

Comment: I'll provide a NEW Video publication later this evening. Probably in a couple of hours. Here's the 24h TF with a few text bubbles while you wait.

I finally got the third wall mount adjusted to make up for that 1/16th of an inch offset it had. Then I mounted the third 55 inch 4K TV to use as monitors.

Now I'm going to build a PC to power those three (3) 55 inch 4K TV's while I wait on power extension cords to arrive Saturday from Amazon.
Comment: I'm curious if an image will post here if I add a command. This is only a test:
Comment: No image... The command didn't work. Pardon the extra notification you probably got via email.
Comment: Have a look at the Phoenix TSI Short Cycle in Bitfinex Margin Long Contracts:
Thanks David, I always appreciate your insight. Happy trading
+1 Reply

You're welcome!

Always appreciate your support as well, JPM6G. ; )

Happy Trading as well...

Stay Awesome!

Thanks David! How are you feeling these days?
+1 Reply