Follow my twitter for intra-day and daily updates. I haven't been as active on T.V. but looking to post additional content.
BTC is still in a clear downtrend and until prices break above the blue horizontal resistance at $11,300 the trend has not reversed.
The DMI indicator shows that the ADX is still neutral between the bulls and bears since the black line is below 25. We can't say for sure the bears have a stronghold on the primary downtrend yet until there is more confirmation from the ADX.
RSI needs to hold the critical level of 42. I'll post another analysis showing a zoomed out look as to why 42 is critical as it goes back to the Dec 15th bounce off the lows.
Price prediction: On twitter I've been bearish all of July and have been calling the double top and downtrend. I expect BTC to hit resistance way before $11,300. The center line of the downtrend should be where this little bounce stops before going down further.
I have additional buy targets at $6,500 where I expect prices to find a bottom and then we go parabolic again in the next phase.
Cheers,
Bobby
PS - Follow me on twitter for more intra-day updates on BTC as well as other coins.
BTC is still in a clear downtrend and until prices break above the blue horizontal resistance at $11,300 the trend has not reversed.
The DMI indicator shows that the ADX is still neutral between the bulls and bears since the black line is below 25. We can't say for sure the bears have a stronghold on the primary downtrend yet until there is more confirmation from the ADX.
RSI needs to hold the critical level of 42. I'll post another analysis showing a zoomed out look as to why 42 is critical as it goes back to the Dec 15th bounce off the lows.
Price prediction: On twitter I've been bearish all of July and have been calling the double top and downtrend. I expect BTC to hit resistance way before $11,300. The center line of the downtrend should be where this little bounce stops before going down further.
I have additional buy targets at $6,500 where I expect prices to find a bottom and then we go parabolic again in the next phase.
Cheers,
Bobby
PS - Follow me on twitter for more intra-day updates on BTC as well as other coins.