BitcoinGuru

Potential Double Top at $13,400-14,400 by Sunday Monthly Close

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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This is a short-term action plan with finally some good action in the past few hours on Bitcoin . We are heading towards the Monthly and Weekly close this Sunday on Bitcoin and we should always be prepared for both eventualities.

Bull scenario: (higher possibility) The IH&S green bullish pattern would send us to retest $13,400-14,400 by Sunday for a double top before dropping back down to test $11,000. The action around $11,000 will be very important as it is the long-term bull neckline from June.

Bear scenario: The green IH&S would fail and we would sell off Saturday through Sunday close lower and lower below $11,000 as we get pushed by the resistance of the descending triangle . This would be the bearish continuation of our purple fractal down to $10,000-9,000 and eventually $8,700-7,600 that we published yesterday

Jun 29
Trade active: So far the top of the descending triangle has been hit on Bitcoin at $12,000-11,900 in the past few hours.

The bulls would most likely get their confirmed break out if $12,200 is hit from the current angle. Lets keep watching the action closely. I expect a move in the next 12 hours roughly.

Beware of high volatility ahead in the next 72 hours and stophunts!!!

Jun 29
Comment:
Jun 30
Comment: So far the bulls lost the IH&S bull reversal (green) overnight. The bears are a bit more in control with this move down to and below $11,200-11,000. However a confirmation with a drop to $10,250 is still needed to send us a bit deeper within our first buy area of $10,000-9,000 which can be narrowed down to $9,770-9,000. Note that we may see our other purple fractal play out as well to $8,700-7,600 so have buy orders set there just in case

So far as it stands the Weekly and Monthly close will be a bit bearish unless we can make our way back up to $11,400+. The Weekly would show a potential shooting star bear reveral candlestick as it stands right now.

Jun 30
Comment: The weekly closed bearish for the first time in 3 months after showing a blow off top and shooting bear reversal. This blow off top touched the top Monthly band at $13,400-13,880 before getting a strong rejection. Typically this means the bull run has now ended and Bitcoin will need as I

I see no need to update this chart from this point forward as short-term it served its purpose and shown that the IH&S was cancelled and the bulls failing at a crucial time they should have showed up.

The bears will soon take this to $10,250 and below. Simply place buy orders as advised at the 50%-61.8% Fib around
Jun 30
Comment: *around $8,700-7,600

Bear scenario: The green IH&S would fail and we would sell off Saturday through Sunday close lower and lower below $11,000 as we get pushed by the resistance of the descending triangle . This would be the bearish continuation of our purple fractal down to $10,000-9,000 and eventually $8,700-7,600 that we published yesterday
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BitcoinGuru Make_Money_Guru_Bitcoin
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Nice to see at least someone shares my view:)

Expecting 12700-13500 price or even double top

+1 Reply
BitcoinGuru asdasadsadsadsda
@asdasadsadsadsda, yes unfortunately the IH&S got cancelled on that drop. There is a small chance of a double bottom but the bearish scenario is gaining traction unless we can break out from that symmetrical triangle and get past $12,500 next week.
Reply
Daily TF is down price will go down or will stay here and waste time
+1 Reply
@Amjadsid, the downside is gaining traction for sure short-term $10,000-9,000 will be tagged eventually!
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