BTC Bulls reclaimed the Market following the previous debate.
Clear statements were made that BTC is the crypto market and be careful when you short it.
Our support levels Marked on our four hours chart are marked with the strongest at 2200.
2400 May be where we start the trip up but very hard to call anything now.
My reason for 2400, it was where we had our inversed head and shoulders Breakout with maximum resistance.
Long term investors in BTC are looking at 4000 and 5000 Marks respectively.
Now everyone is awaiting the price action which will very cautiously go down to where the Market Bulls want it.
Options are
1. Long term holders Hodor it, accept possible decline to 2200 but equally could go up to 4000 straight away.
2. Short term traders , possible buy above recent high at 2950, 3000 might be strong so you might as well buy above 3000
3. Other options await price retracement to support levels with reversal signs
Review My previous charts
Please like and comment if you disagree.
Trade active
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Options for tomorrow 1. More likely up to challenge and break out of the 3000 Mark (More likely based on BCC sell out and segwit activation) 2. Status quo remains 2nd most probable (based on Market will await 8th of August for segwit activation) 3. sell off ( no signs of that till now)
Based on Market behaviour, our position for BTC remains long, a breakout of the 3000 sets target to 3200 and 3400 respectively.
Please use money management
Happy trading everyone
Comment
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AS we called 2400 to be the floor
Bulls are in charge
Trade closed: target reached
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target achieved time to slow down and take a breather
Nice review. You clearly know what you're doing. Can't say that about many others. Keep up the good work
dr.ehabaziz
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@rickie247, Thanks for the Nice comment. We all get right sometimes and wrong at others. a Lot of guys around here are more experienced than me. look at the top list and follow few of them
It is key if you are new, Number 1 is to read and apply money management.
Then read about Price action, candle stick patterns, indicators, Chart Patterns extra.
It is your money, and your decision buddy.
What I try to do is to help people make an informed one.