BTC Analysis- Early August
Diupdate
I am a beginner trader using a demo account so please take this with a huge grain of salt, and feel free to offer corrections. ***I am a beginner and this is my first post***
I'm predicting continuation of this local downward trend, then some kind of action nearing the area around 21700-21600ish (as this is a previous point of resistance for the first two waves in the channel).
The downward trend should continue into the weekend. I think it's safe to take various short positions until we near closer and closer to that previous resistance area (indicated with a horizontal green line). We seem to have already broken the mid-line of the channel.
Long term (into September, rest of fall) I'm thinking that BTC will turn back to a bearish market. I'll look at making a writeup on a longer time frame for this. Until the channel is broken in the downward direction, I'll assume that overall we are in an uptrend, and plan for trades strictly within the channel.
I'm predicting continuation of this local downward trend, then some kind of action nearing the area around 21700-21600ish (as this is a previous point of resistance for the first two waves in the channel).
The downward trend should continue into the weekend. I think it's safe to take various short positions until we near closer and closer to that previous resistance area (indicated with a horizontal green line). We seem to have already broken the mid-line of the channel.
Long term (into September, rest of fall) I'm thinking that BTC will turn back to a bearish market. I'll look at making a writeup on a longer time frame for this. Until the channel is broken in the downward direction, I'll assume that overall we are in an uptrend, and plan for trades strictly within the channel.
Catatan
Seem to be in a correction upwards, but I'm holding my overall short nowCatatan
Ok nevermind disregard the longCatatan
*short- it's time to long I guessCatatan
Lol I was pretty correct on the long-term thoughCatatan
Waiting to see if it breaks support in downward direction
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