BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
btc is currently making a new swing low each 16 bars. Time expires tomorrow.
Making a higher low and breaking 6800 after would draw an inverse head and shoulders pattern.
Comment:
Comment: btc failed to make the new low in time and has a higher low now. Looks very bullish to me for the medium term.
Comment: this escalated quickly
Comment: on the weekly chart we have the ma20 which turned from support to resistance. to leave the bear market it is important to break and hold above it.
Comment: on the 2h timeframe a hidden bullish divergence is forming. RSI make a lower low but price not. It indicates that there are many bulls who want to get back in here.
Comment: I believe that we are in wave 3 of the impulse.
Within the 3 we are in 4 which cant go below 7800.
After that we can have a extended wave 5 of 3.
Comment: after this crazy price action there is a hidden bullish divergence on the 12h chart now.



So it looks pretty good now, its likely that btc will go way higher.
The ABC correction is completed.
Weak hands who were just in for the guicky etf pump were shaken out.
The rsi divergence says that the price should have made a lower low (below 7300) but the supply was bought by the bulls before so that the price couldnt get to a lower low. This means that bulls are still in control.
Trade closed: stop reached: top turned out as bull trap, stop reached at neckline break 6800.
Too bad. Most profits erased.

Comments

we are done another 16 day cycle
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yep...had the same thought...typical a-b-c correction
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damn the bear trap yesterday. Positive articles have started popping up :). Obviously we will go higher again https://ethereumworldnews.com/sec-commissioner-dissents-btc-etf/
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koryu SamHuynh
@SamHuynh, yes sec is playing good cop bad cop with us :) i am incredible bullish now, with the 12h hidden bullish divergence, i expect price breaking 8500 within next 1-2 12h bars. Doubled my position at 7935. 9k - 10k is on the cards now and wouldnt surprise me.
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@koryu, what's the way to invalidate bear div on 1 day chart ? I see it on stellar-usd chart but with the btc 's bull like this, that bear div will be meaningless.
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koryu SamHuynh
@SamHuynh, it can be resolved with a hidden bullish divergence after but thats unlikely for lumens/stellar in this case. If you go higher to the 2day chart the bear div disappears. so there is a chance that its a false signal but would be careful anyway.
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10 days has passed, so will we have next 6 days as pull back :)? then next rally on next 16 days >:)
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koryu SamHuynh
@SamHuynh, good question. I think that we cant look at the 16bars for a new low anymore. After we didnt make the low in time there is a new situation. This is a rebound phase. For me it seems like a strong impulse. So this should be a 5 wave impulse according to EW theory. If we use timeatmode method from Tim West, there we have 11 bars with the same price on the 12h timeframe. This means that the timeframe to watch should be the 12h chart and we have a new uptrend on the 12h for another 11bars. According to EW this would be wave 3 which is often the strongest wave within the impulse. So I am holding my long from the low and looking for higher prices. The 4th wave should be an ABC correction then because the 2 wave was a pennant.
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https://www.financemagnates.com/cryptocurrency/news/blackrock-to-start-trading-cryptocurrency/
awesome news for us and G20 has also released a positive news today too
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CBOE 's future should expire soon on July 18th
+1 Reply
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