Felix000
Short

#crypto #bitcoin sell (update) Y/N

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We had a high followed by MACD histogram the next day falling/dropping. Stoch may yet reach 80 but I believe high is done and too risky now for some to play bull. I myself would rather miss out.

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Comment: If we got a close on the day chart above $6,617.2 (July 3rd open) I could review short but at the moment reaching that looks doubtful.

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Comment: Right. Here we go with an update. July 7th not only did we finally get the Stoch over 80 but also a new high. Some people are going to scream Double Top, Double Top - been getting them all year, and sign of next leg down, sell, sell, sell. Well, we'll see. Price is definitely at a pivotal stage. We'll see if today produces a bearish engulfing pattern that touches all the way back to say $6,470.5. Need to observe how the rest of today 8th July goes.

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Comment: If market is going higher, then the only positive I can see using my previous observations is that on July 3rd got a red candle and MACD Histogram went higher. First close above or below such a candle (the reverse would be a green candle followed by MACD Histogram going lower) can be used as a directional signal. That happened yesterday on July 7th.

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Comment: We've now also got same signal set up yesterday July 8th as July 3rd - red candle and MACD Histogram went higher. First close, therefore, above or below such a candle is one of the observations I use as a directional signal (but can reverse later as well).
Comment: We had another high followed by MACD histogram the next day down. Stoch has also reached 80 plus. Unless, therefore, market is going to head higher it is now ripe for sell off.

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Comment: Update on comment above:

First close below the key candle explained above was down. So now that signal is bearish.

Yesterday was another key day for my work as it was the same distance from the Williams Fractal high of July 4th, as the distance between the fractal high of July 4th and the fractal low of June 29th. The last key day was July 3rd. So I'm now going to create a breakout zone on the chart with a high of $6,820 made July 9th and a low of $6,470.5 made July 3rd. Could use high of July 7th as well.

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Comment: Check this out. Take a Williams Fractal high and then note the days after when you get both a red candle in bitcoin as well as gold. I think you'll find that this drop is not going to end with a low today but most likely tomorrow, and at most the day after

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Comment: Above chart shows consecutive low Williams Fractal patterns. I've just updated my other post showing consecutive high Williams Fractal patterns with the following:-

My analysis done using the chart of gold that we would see a lower low yesterday July 11th did not work but we now have the MACD confirmed below zero. Could this be the first time we see a fractal low below the pink square and not spiking a lower low than the previous? Would that then confirm a break in this patterns stat? Time will soon tell.

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Comment: The only positive for Bulls could be that the MACD and histogram may be down but the histogram is still above zero, and maybe on a day like today July 12 the market could put in a performance like on May 3rd.

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