🚨Market Update: Breaking out🚨

[GeckoTrader]

There hasn't been much  to report the last few days, but it seems we are finally starting to see some action again.

We have had the 7750 area as out target for quite a few weeks now and have mentioned it numerous times.

With this key area now within grasp, we want to point out that we will be sticking to our original plan and taking 50% of our profits at this 7750 level.

In regards to our wave count, it seems  we are still not quite complete with this current breakout seeming still very much impulsive.

Although we will be taking 50% of our profits at 7750 we do see further potential upside to the 8200 level a very real possibility, hence why we are not completely exiting the market, nor do we have any intentions of shorting (yet).

We will, however plan to short depending on how the market reacts at these levels, but in the meantime, we can only trade what we see, and what we see is bullish. 🚀🚀

[1715145260]

1715145260

[1715145260]

1715145260

[1715145260]

1715145260

[1715145260]

1715145260

[1715145260]

1715145260

[Skrillhabib007]

With all the uncertainty in the world it is not wonder that more and more people are turning to cryptocurrency. Over the last week news has hit the market telling of Argentine Bitcoin miners using the digital token to avoid hyper-inflation, businesses around the globe flocking to blockchains on all levels (from investment to mining to ICO’s to business applications) and even central bankers talking of digitizing national currencies. Add to this the wildly inaccurate methods we have for keeping track of fiat currency and the tug-of-war between central banks and I think it becomes clear that blockchains, digital tokens and cryptocurrency is the wave of the future. And this is leading them to break out all over the market.

[Yaunfitda]

I agree that what we have witnessing today is a bullish sentiments because it has crossed the $8K barrier and moving towards $8200-$8500 in the next coming days so there's no need to short but to hold. Of course we only react as to what the current market sentiments, but as long as people are pouring more cash to the ecosystem, its going to a waiting game. We can even get to touch $9K at the end of this month if we can sustain this bull run before the SEC decision.

[JL421]

Don't get too exicted this might just be a trap and nothing else, entering the market now would be stupidity but exiting is also not a good thing to do, I'm just waiting for few more days to verify if this is a actual growth or just another pump. I have already set stop loss below resistance level so i don't care what happens now

[Hui8]

Well everything is correct in your post however there is one problem in the current bull trend. Its being positive about the Bitcoin but not rest of the currencies. This is worrying thing because it can happen that altcoins staying low will attract many investors towards them and may start pulling back investment into the bitcoin and put it into the altcoins so that they can profit themselves a lot. This is just a possibility but on broad perspective it can possible considering it has happened earlier too. So I would say be safe by not investing too much at this bull run graph. 

[htconem7]

There hasn't been much  to report the last few days, but it seems we are finally starting to see some action again.

We have had the 7750 area as out target for quite a few weeks now and have mentioned it numerous times.

With this key area now within grasp, we want to point out that we will be sticking to our original plan and taking 50% of our profits at this 7750 level.

In regards to our wave count, it seems  we are still not quite complete with this current breakout seeming still very much impulsive.

Although we will be taking 50% of our profits at 7750 we do see further potential upside to the 8200 level a very real possibility, hence why we are not completely exiting the market, nor do we have any intentions of shorting (yet).

We will, however plan to short depending on how the market reacts at these levels, but in the meantime, we can only trade what we see, and what we see is bullish. 🚀🚀

You can see that Long is holding a very high percentage, near $ 70, which suggests that people are believing in the market and bitcoin prices will probably increase in the long run. So, I think you can buy bitcoin at this time, it can be seen that bitcoin girls are constantly fluctuating and increasing in the past days. Currently, bitcoin prices are at $ 8200 and will likely hit $ 10000 in the medium term.

[GeckoTrader]

After calling for a 7750  retracement in BTC as an optimal level to buy back in, there is another bullish possibility we are toying with right now, which we cannot ignore.

Although optimally we prefer the 7750 level, if this count posted below is correct, we may not see that level for another week  or so, which means our plan at the moment is to re-enter Bitcoin now at current prices with a 25% weighting of what we originally had planned and buy more if we do see the lower levels as originally forecasted.

This means we would have to have wider stop losses at 7200, hence the smaller position size.

[xitrum]

There hasn't been much  to report the last few days, but it seems we are finally starting to see some action again.

We have had the 7750 area as out target for quite a few weeks now and have mentioned it numerous times.

With this key area now within grasp, we want to point out that we will be sticking to our original plan and taking 50% of our profits at this 7750 level.

In regards to our wave count, it seems  we are still not quite complete with this current breakout seeming still very much impulsive.

Although we will be taking 50% of our profits at 7750 we do see further potential upside to the 8200 level a very real possibility, hence why we are not completely exiting the market, nor do we have any intentions of shorting (yet).

We will, however plan to short depending on how the market reacts at these levels, but in the meantime, we can only trade what we see, and what we see is bullish. 🚀🚀

You can see that the market is showing signs of recovery very well, can see that bitcoin prices are constantly fluctuating and rising sharply in recent times, we can see that the market is uptrend in short. Currently bitcoin is adjusting at $ 8200 and according to my analysis bitcoin price will be able to recover to $ 8700, so you can buy bitcoin at this time.

[GeckoTrader]

BTC update  The price of BTC is currently $8,160 USD and is up approximately 40% from lows seen back in June.

We are currently experiencing a period of sideways action which is common-place after such large market movements. With the rare exception, rallies which move this fast simply cannot sustain themselves over a long period of time without a cooling off period.

Often, the overarching and prevailing trend will resume but of course, the market can easily turn – we will be keeping watch.  Earlier today we did witness BTC break out of the consolidation zone and into the mid $8,200 region however, the price has since retreated after being rejected from the $8,300 resistance zone.

We did see a breakthrough of this resistance on the 25th but BTC has been unsuccessful in pushing through it again.  Price is now at an interesting point. BTC is residing at the lower end of the resistance zone and if it continues lower, we will be looking for a resurgence of buy volume at the $8,080 level.

[Nisharawal]

We will, however plan to short depending on how the market reacts at these levels, but in the meantime, we can only trade what we see, and what we see is bullish. 🚀🚀

You have said it right that we should trade what we see and not what we think and even i follow these wordings. Right now the market is under a critical condition where we need to confirm whether the bullish rally which has started is a stronger one or whether it is a weaker one because this will tell us that is there any more small correction left out or not, and if it has to undergo one more correction then how should we deal with it.

[zanezane]

Don't get too exicted this might just be a trap and nothing else, entering the market now would be stupidity but exiting is also not a good thing to do, I'm just waiting for few more days to verify if this is a actual growth or just another pump. I have already set stop loss below resistance level so i don't care what happens now

It might be a trap for newbies but for well experienced traders they actually getting some profit from the $6200. So yeah we should still be very cautious for filling up orders and by now hopefully our bags are already full before the real bull run. Yet we should break those resistance first.

[btc_angela]

Don't get too exicted this might just be a trap and nothing else, entering the market now would be stupidity but exiting is also not a good thing to do, I'm just waiting for few more days to verify if this is a actual growth or just another pump. I have already set stop loss below resistance level so i don't care what happens now

It might be a trap for newbies but for well experienced traders they actually getting some profit from the $6200. So yeah we should still be very cautious for filling up orders and by now hopefully our bags are already full before the real bull run. Yet we should break those resistance first.

I don't think that this is a bull trap because we have a ETF news that driving this price. But from $6800 to current price, its been 2 weeks since that run so I'm sure that someone is taking the profits. But if you look at the volumes per 24 hours, it looks solid so for me this is not a bull trap, but then again just be cautious specially newbie traders. Don't be suckered, used your common sense in investing.

[Pursuer]

Don't get too exicted this might just be a trap and nothing else, entering the market now would be stupidity but exiting is also not a good thing to do, I'm just waiting for few more days to verify if this is a actual growth or just another pump. I have already set stop loss below resistance level so i don't care what happens now

It might be a trap for newbies but for well experienced traders they actually getting some profit from the $6200. So yeah we should still be very cautious for filling up orders and by now hopefully our bags are already full before the real bull run. Yet we should break those resistance first.

this here was a "trap" for newbies which happened 2 days ago.
you see how there is a sudden drop out of the blue with a big drop then followed by the panic sell that made the drop bigger and then stopped there? that is a fake dump. and it is even more clear now since you can see it never even lasted more than a couple of hours before jumping back above $7k line with a sharp rise.

[GeckoTrader]

BTC consolidation breaks

We’ve now broken out of the consolidation zone in what can also be seen as a descending triangle – a bearish pattern.

BTC completely disregarded the support zone and dumped straight through it, falling approximately 5%.  We are now sitting at the next lower support level at the $7,700 region.

We can see from historical price action back in June and more recently, prior to entering the consolidation zone, that there is plenty of support at this point.

Price is continuing to flirt with this support zone and we have not seen any sizeable influx of buy orders on the XBT chart as yet.

If we break this level we could see prices retreat to the low $7,000 levels where there is another consolidation zone.

We do think a push to $9,000/$10,000 over the short-to-medium term is possible and we will be looking for signs of stabilisation and will keep you all posted.

Just my 2 cents.

[GeckoTrader]

Update!!

BTC is currently sitting at the $7560 mark and is down approximately 2% since our last TA update.

Selling pressure is weighing down on the overall BTC market however, we did see a strong rebound at the $7480 level.

As can be seen from the chart, this level has historically been a strong resistance level and is now acting as a support.

We’re expecting price to come down and retest the $7,480 level – we will be watching closely for signs of strength at this point and may enter long depending on the price action.

Of course, it is entirely possible that price slips down further to the $7,200 level. - beyond this we could likely be exposed to the low $6,000 levels.

We’re not certain at this point and CIM is happy to be watching from the sidelines. As always, we will be sure to keep you updated with our views.

[Slow death]

- beyond this we could likely be exposed to the low $6,000 levels.

This without doubt should be the concern of many people, it has been a very bad year for the crypto world, we are talking about price falls that are causing many Losses to many people and to what seems to me, have no date for a possible price recovery, so the lack of optimism will push us towards lower prices, unless ETF is approved

As always, we will be sure to keep you updated with our views.

I'll follow up on your thread and keep posting your point of view.

[GeckoTrader]

UPDATE! OWNER OF THE NYSE TO BEGIN BTC TRADINGBTC

Intercontinental Exchange (ICE), owner of the NYSE has announced that it will list a physically settled BTC contract.

ICE had previously hinted that they were exploring BTC trading in New York but nothing was clear cut.

Their new BTC platform named Bakkt has been in development partnered with the likes of Microsoft and Starbucks.

This story is still breaking but it should be seen as good news, allowing more money to flow into cryptocurrency.

There is no telling what effect this news will have as it may well already be baked into the price.
.BTC

[GeckoTrader]

UPDATE: August 04, 2018

BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.

We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern. 

We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.

On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.