Bitcoin Short Term Bearish Descending Wedge - Target $660 USD

This is for my followers, a quick chart to draw a clear picture of this irrational market that killed the megabull and started this nonstop sell-off due to the PBOC imposing regulations on Chinese exchanges to stop illegal insider activities, wash trading and any other form of elicit activities that have been plaguing the exchanges etc.

It was pretty clear that exchange insiders were aware of the PBOC incoming announcement (before it was announced publicly to us) and hence they started the sell off after breaking the ATH on Chinese exchanges. We can hope that the PBOC's exchange regulations will finally put an end at these years of illegal activities so Bitcoin can really start to shine with less manipulation.

Levels (support and resistance) on chart depicting a simple descending wedge.

Short-term: Expecting some more chop/sideways short-term then a quick retest of $680-650. That dotted yellow line represents the old major bull neckline of 2015 (very important for it to hold else we will have bearish repercussion long-term). Once we hit $680-660 I forecast that the 1D RSI will be roughly around 23-27 in the oversold area which represent my perfect buying opportunity indicator as you know.

Long-term: Expect to bottom at $660s roughly. By year end around October, 8 2017 (235D Cycle) I expect a retest of the ATH if not higher targets ($1500 or $2000)


Check out my profile for my social media links and website.

My website contains FREE teaching to Bitcoin tradings and introduces you to my methodology and indicators and how to read indicators! I also offer 1-on-1 private coaching on any matter you' d like me to cover (PM for that).

Donations: 1ATtiXKhie2WHpTgz6qs6TDrjBnA9kgtME

I am here to help. Feel free to ask me questions or Private Message me directly.

Dagangan aktif

Komen:

The action from last settlement post Okcoin settlement looks bullish. We made a higher low with a potential double bottom with a very volatile reaction from it. I just wanted to warn everyone that this falling wedge can break anytime to the upside, so please watch carefully especially now as were getting closer to the top side.

If we break down and make a lower low below $774 stamp than a visit to $660 could be very well in the works. I will update however in time if we get to that point.

Komen:

Seeing five green 5H candles in a row, seems the bulls are in control, and were close to say the bottom was in.

The falling wedge broke up on Chinese charts already earlier in the day, hence I am inclined to say that the wedge will break up as well shortly on US Charts. Once this happens, then expect the next main resistance to be at $872-878 Stamp.

Komen:

The falling wedge on US charts ended up breaking up as well, but we went to sideways on the 4H timeframe for 2-3 days then the 4H Bollinger squeeze just resolved up. If we can break 5760cny or $839 USD then our next target would be the previous support turned resistance at: 6100cny or $872 USD before we get a pull back.

Komen:

Just to be clear $660 visit is out of the picture unless we get another unexpected PBOC news again that will drive the market down again irrationally.

However, the PBOC intervention is good news for all traders as manipulation of volume, and price by Chinese insiders on exchanges has already stopped and this is extremely bullish for everyone.

Dagangan ditutup: hentian tercapai