This bull trend shows the exact same pattern like the previous one. If you look at the Tom Demark indicator and Stoch RSI it is clearly seen. Tom Demark count looks almost identical. Stoch RSI looks overbought now, just like the previous breakout run.
It is quite possible that it will make a M shape like the previous one.
If we close today over 4383. I expect a...
Tom Demark indicator is now a green 9 below 8. If we close this day like this, it will stop the possible down trend and we can expect up to 9 more days of up trend. Stoch RSI shows overbought, so this scenario is more likely.
Second scenario: If we close over 4427 we will have a green 9 above 8, which will be a clear short signal.
This bull run shows a harmonic pattern. TD is currently green 3 on 4H chart. It will follow the previous pattern and will continue till it reaches green 9. Which means 20 more hours.
After 20 more hours expect a pullback to 4400 area.
Target: 4600
There is strong resistance at the 4406 level. I expect prices to be very flat until the 29th August.
On the 29th August we will see the formation of a triangle which will determine the direction of any potential breakout, or trace back.
I suspect we will be going lower, and the price will decrease to the 4000 zone.
Sign up to BitMEX with this affiliate link...
Have a small short using 20x leverage for .2btc on bitmex at 3250 will be adding or removing as we see more price action. Mondays are always interesting so should be a wild ride this week. Stay tuned for all my plays. Best of luck to all!
BITSTAMP:BTCUSD
I am a long term holder of Bitcoin the goal of short term trading is to add more coins to my bag. I've...
Two Godmode oscillators set up on the same merged indicator pane,
One Short " Predictive " Setup (RED DOTS)
One Long " Conformation " Setup (Blue Crosses)
The slower godmode (Blue Crosses) now becomes a "confirmation" indicator. Less noise less prediction. The two together are powerful
Just updated the chart for both Bull & Bear BITCOIN traders even though I don't trade short term things. The SOLID TWO BLACK LINES are for BULL channel traders and the DOTTED RED/GREEN PARALLEL LINES are for bearish traders channel pattern.
