Updated

The Direction of Bitcoin in Q3

The point at which the Bitcoin upward trend breaks is 0.618 in GANN, which is about $7,500 to $7,800.

If there is any change in the line that Bitcoin passes, I will leave a comment below.

Note

It stopped at 0.382 point on the GANN.

However, it is worth looking forward to the yellow line as the point of the rebound corresponds to the Fibonacci ratio.

If the white line breaks, it is likely to flow downward.

Trade active

If Bitcoin stays in the current section for longer, it is considered as Wyckoff Schematics - Distribution Area.

Note

If 10,000 dollars are not broken, there is enough room to reach 12,000 dollars.

Note

If bitcoin does not exceed 11,800 dollars and falls to 11,400 dollars, the upward trend is considered to be broken.

Trade closed: target reached

It is also possible to reach 13000 if short-covering occurs beyond the next position.

Note

Bitcoin's sharp rise seems to have stopped as the $11,400 mentioned earlier was broken.

Bitcoin needs to recover 11600 dollars to continue its upward momentum,

caution to the panic sell if the $10,900 is broken.

Note

The new long position is dangerous at $11,800.

Note

On the premise that it doesn't break $11,100, bitcoin seems to be able to do up to $13,000 by using short-covering.

Note

Bitcoin was resisted by the yellow line after a sharp rise.

If Bitcoin is not supported by the white line, it will fall to the next line below.

Note

The white line is near $11,900 in the preceding comment.

Note

Since the Futures market forms a fairly neutral price range, I adjust to the variables for it.

Note

GOny_Stark

Related publications

The Direction of Bitcoin in Q2~3, 2020

by GOny_Stark

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