BTC bull trend will continue till 10K

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Tom Demark count gave a green 2 on the daily chart . This is a clear buy signal. On weekly chart we are at green 9. Which means this is the last week of uptrend.
I expect the bull trend will continue for up to 7 more days till we reach 10K. At 10K we will have a mediocre correction. 10K is the psychological level and many people will take profit at that time.

After 10K price might fall to 8151 first support area . If 8151 does not hold it might fall to Fibonacci 0.5 : 7713. I do not expect a sharper correction because of the CME news.

Here is my trading advice:

Long at: 9300
Take profit at: 10000
Stop loss: 8450

When we reach 10K, I will post my new analysis.

Dagangan aktif: BTC has reached 10K before my expectation and price did not drop. We are still in the bull run. We are currently at green 4 on daily chart. Which means uptrend will continue for up to 5 more days. And we will have a new ATH soon.

It is very hard to say what will be the new ATH because of the fomo and CME news. But I observe 12K as the new psychological level.

I think big whales will pump the price till the end of week and there will be a major dump at Sunday morning.

Here is my updated advice:

Scenario 1: If you have taken profit. Wait for a possible re-entry point. Do not open a new position yet.

Scenario 2: If you have not taken profit yet. You can keep your position open till 12K and take profit.

Do not short Bitcoin at this point because that would be VERY risky.

@EylemCulculoglu Seems like your second scenorio (12k target) is on its way. Any new updates regarding how BTC movement would be in upcoming days? Thanks..
I thought CME news was just a statement of intent, not an actual application submitted?
Thank you for suggestion :) we'll keep your ideas !
Thanks for the analysis. BTC is almost 10k mark. Any idea when you expect to see the correction? Can BTC shoot for 12k before a correction?
+2 Balas
caglan98 caglan98
@EylemCulculoglu you mentioned "mediocre correction" in your analysis. Can you elaborate on that in terms of magnitude? Thanks.
+1 Balas
@caglan98, price might fall to 8151 first support area . If 8151 does not hold it might fall to Fibonacci 0.5 : 7713. This is mediocre. Some analysts expect a sharper decline to 5K. I do not.
halilstar EylemCulculoglu
@EylemCulculoglu, do you still expecting a correction from after today?
halilstar halilstar
@halilstar, well I guess you do, you are really good at this you know that right?...
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