The bear market continues and I find it very difficult to trade bitcoin so I am still making losses. I still have my long-term holding, but short term I am out. There is very little upside and it is not worth risking.
It looks like the Wyckoff method could not lift Bitcoin to 7200 and the 6400 level broke.
Today I found another very interesting chart by xuanhaimmoer on Trading View. It compares the current Bitcoin chart to that of the Gold chart from 2013 to 2016. I believe people react the same way in the same situation and that is why I love TA. So if Gold was in the same situation in 2013 to 2016 as Bitcoin then I would expect the charts to behave in the same way.
Tone Vays is back on track with his prediction of Bitcoin reaching minimum low of $4925 and this chart predicts the same.
Read all the details here at source: https://www.tradingview.com/chart/BTCUSD/cc2ZfVB6-BITCOIN-LEGENDARY-ANALYSIS-COMPARING-WITH-GOLD/
I think we will see a small rally now before seeing more pull back. It is not worth the risk so I am not playing it. Maybe I should sell my long-term positions and buy again at 5000 in October when we reach the bottom.
Do you think we will go to $4925 by October like Tone and xuanhaimmoer is predicting?
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Looks very much the same. The trend is down, so looks like the Gurus might be right with $4925 target?
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STOPTo support your work, I also upvoted your post!
Nice one