I think we will see a sideways range in BTCUSD, as anticipated in my last publication. Having bought a position very close to the recent correction bottom, I can comfortably wait it out until the weekly trends are ready to rally again. The timing for this event interestingly approaches August 1st, so, it makes me think the market will grind sideways for longer. There are two targets I came up with, after processing information from weekly and daily charts, which indicate that we can hit prices between 4000 and 6000, so, it won't surprise me to see prices rally rapidly, once fundamental risks are out of the way. I aim to build a 20% position in BTC by then.
Longer term charts imply a rally is likely all year, which is even more interesting, since the SEGWIT2MB date for a hard fork would be by the end of the year, this could be a cause for a correction or consolidation, cooling off after a 2 year rally.
Cheers,
Ivan Labrie.
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I added to longs at 2470, just 4%.
I bought 10% at the bottom practically.
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I bought 10% more at 2060 euros at kraken, and now sold all back down to 10% account position, here:
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The market will probably remain sideways, so I focus on reducing my cost basis, while we await the resolution of the scaling debate.
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You can see why selling at the resistance was wise...BTCUSD chart Market is sideways until fundamentals change.
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People, these lines are constantly redrawn, no edge in them whatsoever.
Hey there, enjoying your analysis, thank you. You think it will go sideways between 2800/2300? Thing it's ok for swing trading until scaling debate? Momentum seems staggering for now, wouldn't be suprised to see 2700 again. I really want to try and swing it.
IvanLabrie
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@cryptodoge, I think so...trade the sentiment extremes, risk 3 ATR down...easier to buy, due to the risks associated with margin trading.
pirszh
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@IvanLabrie Hi! What do you reccomend now with BTC?
IvanLabrie
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@NikitaPaushkin, looks to be sideways, like I suspected.
Paczcz
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Sentiment seems to be changing, closing at this level today might cause a pullback to 2300, whats your view on this?
BRRD
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Thank you Ivan, these BTC updates are much appreciated.
I realigned my position to follow your previous publication rather than my faster bearish view and successfully traded the pullback several days ago up to last night's peak. Many thanks!
oztrader22
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So when do you think that there would be a 50-70% correction next? I want to get in but feel if I got in now, my stop would have have to be huge - like last near low of 2100. What do you think?
IvanLabrie
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@oztrader22, Wait for sentiment to become bearish again in the short term too buy.
I bought close to the bottom so now I can relax and wait to add.