BTCUSD UPDATE **
Hi Seildev here,
My previous post predicted that we will reach our target 2
@ 7831.59 and we have this morning (or evening in your region).
We now plan to see what is the next move and see if there are
any opportunities that are lying around.
Here are some facts to consider:
- In 4 hr timeframe we can see our long wick candle surpass
the previous all time high of 7579 however the body candle
has not surpassed 7579 as it closed at 7501
- RSI Divergence has been broken and we can now see a sloping
down RSI
Fundamental aspect:
- We have heard the news couple of hours ago about 2x segwit
fork being cancelled with only 8 days from launch
After the news broke out of 2x forklift cancellation:
- Why did we see a rise in the price of BTC? Initially it may
have been a a great news for anti 2x campaigners that 2x won't
be implemented and saw a rice in price action
- why did we see a fall in price of BTC there after? It may
be from learning the news that their 'free money' ideology from
holding onto BTC is not happening
As long as we don't see our daily and 4 hour candle closing
full body above 7579 we still have a bearish bias and look
for buy opportunity around 6627 ~ 6855 which also coincides
with our base trend line we've had from 11th of October.
If in the case that our base trend line from 11th of October
breaks, then we can look for a confirmed bearish forecast
of a major correction to 4732.25
As always trade with a plan and safe trading
Seildev
My previous post predicted that we will reach our target 2
@ 7831.59 and we have this morning (or evening in your region).
We now plan to see what is the next move and see if there are
any opportunities that are lying around.
Here are some facts to consider:
- In 4 hr timeframe we can see our long wick candle surpass
the previous all time high of 7579 however the body candle
has not surpassed 7579 as it closed at 7501
- RSI Divergence has been broken and we can now see a sloping
down RSI
Fundamental aspect:
- We have heard the news couple of hours ago about 2x segwit
fork being cancelled with only 8 days from launch
After the news broke out of 2x forklift cancellation:
- Why did we see a rise in the price of BTC? Initially it may
have been a a great news for anti 2x campaigners that 2x won't
be implemented and saw a rice in price action
- why did we see a fall in price of BTC there after? It may
be from learning the news that their 'free money' ideology from
holding onto BTC is not happening
As long as we don't see our daily and 4 hour candle closing
full body above 7579 we still have a bearish bias and look
for buy opportunity around 6627 ~ 6855 which also coincides
with our base trend line we've had from 11th of October.
If in the case that our base trend line from 11th of October
breaks, then we can look for a confirmed bearish forecast
of a major correction to 4732.25
As always trade with a plan and safe trading
Seildev
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