The long way back to 20K ?

22 ביולי 2018

Hey guys, after the last strong price increase from $ 5800 to $ 7700, many people are talking about a trend break and the beginning of an uptrend. I'm not 100% confident yet and I'm waiting for a correction that will hopefully build the ground for the a rally above $ 84000-8500, that would be a clear trend break sign for me. We are still in the Ichimoku cloud and in red area, we need to get above this cloud, looks like green cloud is building currently which is a small but good sign. 200 days MA line is near, which is strong resistance, we need to break it. I wait for a small correction and set my buy orders at 6750-6850 $ (strong support and re entry for long positions). The real price rally should start at the same time like last year (end of summer, beginning of winter), why ? Rich people are in summer vacation currently and most of them don't trade, there is not much volume which was the same situation last year. Another reason is the incoming crypto ETF which will not be approved that fast. Everybody is waiting for the approvement from government but this won't happen in the next weeks.

The Elliot waves prediction is a bit optimistic but possible, it´s bitcoin guys ;) Lets hope for the best and the help of strong bulls !