Good luck, my friends! Happy trading!
All the telltale signs of an emerging fiery bull lie before your very eyes... if you know where to look. Bears, still want to short Bitcoin? Think again.
There is a reason why I marked the targets in my "BITCOIN Q3 2018 Free Trading Guide" daily chart. Every target in the chart is an area where I believe a pullback is most likely to happen. Otherwise, I could have just slapped the chart with a single 10k target. Do you understand now?
If you are an experienced trader or simply paid attention to my July 4 forecast , you would have taken profit around Target #1. But don’t feel bad about it because you still can with the remaining targets.
Now the bears would like to think that BTC is headed down to 5k. I believe that price will hit spring around $6400 because that area has a fortified support wall. I also believe that price will break new highs after that.
Of course if price were to break below that, the bears will take control again. Very unlikely to happen. Happy Trading!
Nevertheless, just to keep you guys abreast with the latest development, I have made a new near-term (hourly) analysis to explain the situation at hand and what we can expect from it. Here is the chart (click to enlarge). Enjoy!
Let's get on with today's analysis. I see $6175 now and that means our Stop Loss has been triggered. So what are our options now? Well, my friends, I have only good news and more good news. The first good news is that our Inverse Head and Shoulders pattern remains valid so a reversal is still in the cards. The other good news is that we are approaching the end of a very large triangle on the weekly chart so a breakout from here will send us straight to $8,000. Other factors will need to be properly re-evaluated when I get back to my trading station tomorrow. Happy trading!
Forecast (July 14)
In this forecast, I predicted the 3rd wave to end at around 7100, a level to take some profit, before continuing to the 5th wave that ends at around 7450.
Actual (July 18): In actual, the 3rd wave ended much lower but the 5th wave ended just as predicted. This is a big win for us as we not only managed to take profit at 7100 but 7450 as well.
To my followers, thank you for your patience and confidence in me. You deserve this profit.
Remember what I have explained before, every target on this Q3 chart represents a major resistance level (psychological barrier) where price may experience a significant pullback before reaching higher. Good traders always take profit on different levels in a winning trade to guarantee their gains.