Short Term Update

UploadImageBTC/USD dropped down to the first support zone i’ve forecasted in my previous update, i’m continuing plotting the VWAP average and deviation lines since the last important bottom of July 5, as long as the price stays above the VWAP the cycle is still in the upward phase and no serious retracements are expected.

I think that probably the static support at 123$ will not hold and BTC/USD is going to retest the VWAP slightly above 100$ where a decent buying opportunity will materialize. As i’ve said buying at the breakout of the second price deviation line of the VWAP is a risky business thus i opened the trade with only 50 bitcoins leaving to me the option to average down my position once this retracement is completed.

UPDATE

The market is reacting from 125$, so probably my skepticism to see BTC/USD going under the static support at 123$ was a bit unjustified; for who follow on twitter my weekly range forecast  i revise this week range estimate to 125$-145$.

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4 thoughts on “Short Term Update

    1. I hope the best for them but the lack of transparency is getting me worried, they should tell the truth i’ll appreciate instead of this silence.

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