$8,350 will be LIKELY support on this current stint of downward pressure. I personally believe the downward pressure is not quite complete yet. Yes, we are currently experiencing upward pressure but I believe it will be short-lived and we resume with downward pressure to find bottom around $8,350 the last week of July or first week of August with the 60-MA acting as support in the 2-Day TF or the 120-MA acting as support in the Daily (24h) TF.
If you haven't noticed, the short contracts on BitFinex (6,160 contracts) are MUCH LOWER than the long contracts on BitFinex (22,500 contracts). This is another reason I believe this downward pressure will likely continue till the last week of July or first week of August.
I do anticipate upward pressure for most all the month of August before we experience bear market for most all of September. The month of September is usually a bear month if you refer to other "Septembers" in history.
I'll follow up shortly with a 2-Day chart and a Daily (24h) chart to identify possible range for entry on what may likely be a continued dip down further.
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2-Day TF:
Daily TF:
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A further look at Godmode indicator and Phoenix Ari indicator in this 2-Day TF:
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A simple update with the Daily (24h) TF: It's still "on" for the price to drop [In my opinion] to a price point somewhere "in the future" between the 100-MA and 120-MA in the Daily (24h) TF. The 100-MA and 120-MA "should" continue rising even as the price is dropping. I'm anticipating the price drop to meet somewhere between those two moving averages in the Daily (24h) TF inside the light green box placed here on the chart.
An update to look at the indicators in the 2-Day TF (below):
I see a chance for another wave up AFTER the last week of July or first week of August. Yes, there is a SLIGHT chance of a wave up without going down further here. However, I'm leaning more with the odds of one more leg down to in between the 50-MA and 60-MA in the 2-Day TF or in between the 100-MA and 120-MA in the Daily (24h) TF.
MagdyEl-Nidany
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@ProwdClown, hmmm
thanks
Jour
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Hi David,
I'm back from holidays and happy :) because I sold some BTC regarding your and mine charts. I agree You nailed again.
Happy you made it back safely. Hopefully, you enjoyed your time away on holiday. ; )
It's hard to say what we may do currently. All I know is we will likely continue with downward pressure until around July 28th. This does not necessarily mean the price action must come down significantly during this period of downward pressure. Meaning, it could end up reacting more like a TIME correction (without going down significantly) instead of a PRICE correction.
If we do end up going sideways in a tight trading range until on or around July 28th, we could see a new high of around $14,500 to $15,000.
If we do end up having a deeper price correction between $8,100 and $8,500, we can anticipate a bounce up to around $11,500 to $12,100 during the month of August before we fall into a period of downward pressure for almost the entire month of September.
Thanks again for dropping by, your friendship and your support!
Stay Awesome!
David
Jour
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@ProwdClown, Hi,
thx for answer.
I also think that we will not go down significantly this week. I'm looking all those long wicks on down side. There are buyers for BTC and also regarding our discusion some time ago about stocks, goverment manipulations, FED,...
I'm more for magenta than black