VickzinBK
Long

BTC confirmed to go above $13,000

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
Hello my fellow trader guys and gals, hope you are as interested in this week as I am. Now from anyone who is checking back from my last week's graph, I made a couple key adjustments to this week. First, I moved the downward channel for another week till August 18th, and I also extended the red selling pressure line and the gold buyer support line. With that out of the way, lets get into this weeks predictions and confirmations. As you can see both the EMA's 50 and 100 are holding up having the prices move along them up and down respectively. This is a good sign because the previous prices are confirmed and I highly doubt this will go below psychological $10k support at this point in this bull triangle.

From here we can take a look now at the two major gaps created on Sunday from the CME not being in operation and the RSI . I believe the $10.6k gap and $11.9k gap will be closed relatively soon with there being a higher chance to close $10.6k gap first and then go back up to $11.9k and above. The current RSI confirms this by being below 40% and in good position to welcome new buyers and go up. Lastly, we cannot forget about the $8.6k gap that was created earlier this summer and thus their is always a potential for that to be closed. However, that will probably happen after BTC will go up to its 4x Fibonacci growth, with volatility ranging roughly $6,400 up and down from near tops and bottoms.

Of course if anyone is looking forward to ALT season, these coins are cheap right now, I mean any of the top 20 at least. If you already own ALT coins at higher prices you can always buy more and average out your cost at this point. Also, very important, always set stop losses, and consider using exchanges that allow you to hedge your position. A 10-15% hedge in the opposite direction with 10-15% stop loss will give you a good advantage to BTC weekly volatility . News wise, it looks like China Yuan will become even cheaper to the dollar as the dollar losses value with the FEDs lower federal fund rate, causing the FED to most likely lower the rate further next month. My guess by another 25 basis points or more. How will this effect the equity market? I'd think by engulfing it with easy money and creating bubbles for sure. But at that point the market makers will mostly begin to slowly exiting equity and preparing safer investments for the next recession coming up, if it's not already here.

Thank you guys for your continued support and I will check back with you guys as the trading continues. Of course my ideas are new and I am always open to your guys suggestions to improve my minimalist charting approach as well as TA.

So what do you guys think, does BTC have a good chance to go above $13,000 and test its last month high?

Onward and Upwards,
Vick
Comment: Allright ladies and gentlement, for a quick update looks like CME gap at $10.6K has bin filled and now with a low RSI things should be looking like a push upwards to fill the $11.9K CME gap. However, a possibility of BTC retracting lower below $10k psycological support and then panick down to fill the previous month CME gap at $8.6k is still possible. I think the latter scenerio is unlikely but by calling long make sure to hedge atleast 10% of your investment just incase that scenerio occurs.

Happy trading and as always, listen to yourself and make your own decisions prior to investing.

Onward and Upwards,
Victor
Comment: Good morning everyone, well that was an interestig night with the biggest asian exchange Binance being closed for an upgrade. As seen the pesimism in the dropping American markets reflected in crypto prices as they dropped it down to 9.4k levels over night. However moment Binance went back up price recovered back to phsycological support at $10k and up. From here you can easily point out that Coinbase, Gemini, Kraken and any other US populated exchanges wont bring any support to a rise in price as they clearly are getting rid of crypto because they are becoming fearful. This fear is also heavily reflected in the equity markets as stocks are dropping in billlions of dollars. Ofcourse I would't be surprised if the stock market even continues to drop today because of this fearful nature.

I will continue to keep all of you guys updated, but from here it looks like BTC should go back to recovery, most likely during Asian peak trading hours and not America's. Ofcourse if you guys have open trades please remember to hedge these positions as once said in the movie Wall Street, fear is the best recipe for greed. You guys will see once Asians begin to recover BTC whether it'll be as a chain reaction to the recent Hong Kong protests, which are getting as dangerous as the previous Tanama square incident or something else. Greed will poar through American investors veins as they see Bitcoin holding up and the equities continue to drop. I think at that point price will easily go above $11k and then up to $12k and $13k a BTC.

Keep positive, trade confidently and as always.

Onward and Upwards,
Victor
What price imperative is there for the 8.6K CME gap to be closed as all the contracts from that time period are now expired ? i.e. there are no quarterly or monthly contracts open that reflect that price.
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Great analysis, thanks a lot for sharing.
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love seeing you sharing your view, we are all students of the market no matter how many years we are trading. i've been in this business for years and i am also sharing my valuable content, go take a look if you wish, i'm sure you will like it
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