Hello traders, due to numerous requests for the future direction of Bitcoin here is my current view for BTC/USD on the 4h chart.
I'm expecting a similar move to the one we experienced 2 months ago (chart is shown below).
The prediction above was used as an indication of future price direction from $890, rather than waiting to short upon completion of the pattern at $1600.
I will be treating the present setup in the exact same way.
The 0.886 retracement for point B aligns with a bullish bat pattern and bullish reciprocal AB=CD (chart is shown below).
This provides additional validation for a reversal at 0.886 rather than the 0.786 retracement level.
There is a lot of speculation that BTC will drop to $1,000 due to it losing a further 13% in the last 24 hours, however, bitcoin has proved many credible analysts wrong time and time again, it will be interesting to see how this trade develops over the next month.
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The chart looks very legit. BTC is fine now and for sure we will see a new ATH before mid-July.
And then probably is better to go fiat and wait for chain split in August.
@LewisGlasgow, Hi Lewis, great to have you back on BTC, I agree with the chart. Thank you, I really appreciate your work! Though I am not sure about the retracement to approx. 2740USD, considering the upcoming scaling issues on 1st August. I would expect it to go down further. Also do you think we are approaching bubble peak territory soon? Thank you.
AndrewDoe
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Funny that someone saw this pattern inside the pattern : 3 drives into the 3drives :)
anyway , well seen for both!
tradewise9
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Thank you @LewisGlasgow for sharing the chart. Need another dip to re-enter. Following you from today!!
AlishaSingh
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LOL i can imagine so many people are begging for that to happen
While I assume your analysis is technically sound, I think the UASF (user activiated softfork) as planned by Bitcoin Core (or those speaking for them) and the retaliation from miners (at least bitmain) and Bitcoin Unlimited followers may wreck it for you, as this is supposed to happen early August.
I assume this will lead to a high insecurity in the markets at best - and to 2 bitcoin chains at worst (hardfork)...
So if I as a non tech-analyst should propose anything, it is this: Do not calculate further than the 30th of July. For the time after, prepare yourself according to your belief in bitcoin in general and BU/BC in special.
It probably will just be one of those episodes, bitcoin has already had in the past ... so just be aware.
bolli49
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Hi , super analysis i can follow you, a'm long since yesterday at 2205
And then probably is better to go fiat and wait for chain split in August.