Bitcoin - Weekly update for Sunday June 30th 2019
Updated
Good morning my fellow Bitcoinistas!
I know the weekly close is over 12 hours away but I wanted to go ahead and put out my weekly update so you have the information in advance. I'm going to try to keep this short, to the point, and just hit the high spots. I will add a link to last week's update for anybody not following my work that wants to see the previous updates and how deadly accurate they were. :0)
I think we close this week with a green candle, but it will be setting up next week for possibly a red candle. It seems we have exhausted our momentum for the time being and some technical issues need to be addressed before we go racing higher. To whit, there is still a CME Gap down around $8500 that is begging to get filled. Also, the 20 week Moving Average (orange dotted line) is begging for a test for support. The baby blue zero line of the Fib-Channel may need to prove its support one more time as well. Everyone is screaming to go higher, therefore it may be time for a pullback (psychology) etc. etc. In short, the market needs to take a break to satisfy multiple issues.
The good news? I don't think the pullback will last more than a few weeks if that long. It is only 3 weeks over to the 20 MA line, $8500 Gap, and baby blue trend line. A perfect trifecta! Does it have to take that long? No. We could have a flash crash today, next week, or anytime between now and the targets mentioned. It is not so important as to when the gap is filled, when the 20 MA is tested again, etc. Its just a matter that these things do happen.
For those of you following my posts you know I sold about 40% of my long position the last couple days to pay off the rest of the other 60% of my long position. My trip to the moon is currently FREE and I now have the cash to buy more carry-on luggage if the price is right. :0)
At any rate, let me wrap this up. I hope I didn't miss anything. If you study this chart for a minute I think you will see why we are going to pullback a bit. The long wick type candle forming this week, how it pierced the 0.236 Fib line and retreated, the gap that needs to be filled, support that needs to be retested. THE 40% CORRECTION everybody says we need, etc. All these conditions get met if we go down to at least the $8500 area. If we do see those prices, I don't think we will stay down there very long. Have your orders ready if you want to add more BTC because it may be the last good opportunity under 10K. (In your life time) I firmly believe this. Once these technical issues are satisfied the price will take off again. If people miss it they will lament about how they woulda, coulda, shoulda, backed up the truck on this next dip. But I say you're either ready or you're not. You either have a plan or you don't. For those who don't like to trade, now would be a good time to setup a dollar cost average plan. It's still a plan. Just buy x dollars per week, month, etc. and walk away. It doesn't get any easier than that and the future rewards could be tremendous IMO. The potential gains a year from now are ridiculous!
At any rate, these are just my thoughts and opinions, not advice. Everything could play out as I expect or none of it could even come close. Do your own research and study the charts, news, technical indicators, etc. etc. so you can make an informed decision on what steps you want to take next.
No matter how you play this crazy game I wish you the best of luck.
BBS out!
I know the weekly close is over 12 hours away but I wanted to go ahead and put out my weekly update so you have the information in advance. I'm going to try to keep this short, to the point, and just hit the high spots. I will add a link to last week's update for anybody not following my work that wants to see the previous updates and how deadly accurate they were. :0)
I think we close this week with a green candle, but it will be setting up next week for possibly a red candle. It seems we have exhausted our momentum for the time being and some technical issues need to be addressed before we go racing higher. To whit, there is still a CME Gap down around $8500 that is begging to get filled. Also, the 20 week Moving Average (orange dotted line) is begging for a test for support. The baby blue zero line of the Fib-Channel may need to prove its support one more time as well. Everyone is screaming to go higher, therefore it may be time for a pullback (psychology) etc. etc. In short, the market needs to take a break to satisfy multiple issues.
The good news? I don't think the pullback will last more than a few weeks if that long. It is only 3 weeks over to the 20 MA line, $8500 Gap, and baby blue trend line. A perfect trifecta! Does it have to take that long? No. We could have a flash crash today, next week, or anytime between now and the targets mentioned. It is not so important as to when the gap is filled, when the 20 MA is tested again, etc. Its just a matter that these things do happen.
For those of you following my posts you know I sold about 40% of my long position the last couple days to pay off the rest of the other 60% of my long position. My trip to the moon is currently FREE and I now have the cash to buy more carry-on luggage if the price is right. :0)
At any rate, let me wrap this up. I hope I didn't miss anything. If you study this chart for a minute I think you will see why we are going to pullback a bit. The long wick type candle forming this week, how it pierced the 0.236 Fib line and retreated, the gap that needs to be filled, support that needs to be retested. THE 40% CORRECTION everybody says we need, etc. All these conditions get met if we go down to at least the $8500 area. If we do see those prices, I don't think we will stay down there very long. Have your orders ready if you want to add more BTC because it may be the last good opportunity under 10K. (In your life time) I firmly believe this. Once these technical issues are satisfied the price will take off again. If people miss it they will lament about how they woulda, coulda, shoulda, backed up the truck on this next dip. But I say you're either ready or you're not. You either have a plan or you don't. For those who don't like to trade, now would be a good time to setup a dollar cost average plan. It's still a plan. Just buy x dollars per week, month, etc. and walk away. It doesn't get any easier than that and the future rewards could be tremendous IMO. The potential gains a year from now are ridiculous!
At any rate, these are just my thoughts and opinions, not advice. Everything could play out as I expect or none of it could even come close. Do your own research and study the charts, news, technical indicators, etc. etc. so you can make an informed decision on what steps you want to take next.
No matter how you play this crazy game I wish you the best of luck.
BBS out!
Note
The orange circle on the left is 3 weeks out starting tonight, the one on the right is 5 weeks out. Right between them is 4 weeks. The objective is to meet the 40% correction, fill the CME Gap around $8500, test the 20 Week Moving Average, and have the baby blue Fib Line reject prices from going any lower. If all of these conditions are met, we are ready for stage 2 of our rocket ride! Could it happen sooner? Sure. Later? Sure. This is just an estimate. Stay tuned and give these charts a big THUMBS UP if they make any sense to you. Thanks!Note
Something else to consider. Even if the bottom fell out right now as I type message the baby blue trend-line is still around $7850 and continues to rise about $500 every 4 weeks. Also, the extreme bottom, last rung, of the Fib-Channel I have been following is about $3,500 right now and the price continues to rise each week as well. Why do I post this? So you have something to reference when people try to say we are going below 6K, 3K and all that other nonsense. The damage that would need to done to the charts in regards to support, trends, averages, etc. etc. etc. would have to be incredible to even think prices could ever go that low again. And yet..... there are still people trying to sell that line of crap. Me? I'd rather look at the facts in front of me and come to a more logical conclusion. Use this info however you will as this is just one man's opinion too. :0)Note
Ladies and gentlemen we currently less than $150 dollars away from turn this week from green to red. If we close the week with a red candle it will even further strengthen my analysis of going lower to close the CME Gap etc. Perhaps not in a straight shot down, but grinding our way down over the next week or so. We make take a pause around $10,500 area which may prove to be a good place to scalp a few bucks to the long side but it may ultimately prove to be a BULL TRAP for those who hold on to those positions for too long. You know where I stand right now so I am just watching and waiting..... Good Luck!
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