Hi Traders! Bitcoin and Ethereum forecast update is here. On July 21st I shared this “Bitcoin Forecast” and on July 22nd I shared this “Ethereum Forecast” in Trading View. In this post, let’s do a recap of these setups and see how they developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
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My idea here was as follows:
Bitcoin Forecast
Bitcoin H1(1 Hour) Chart Current Scenario
Based on the above-mentioned analysis my view was bullish here and I was expecting the price to move higher further. On the H1 chart after the bullish trend pattern, we had a pullback in the form of double wave down, the price reached a strong support zone and respected it. We also had a bullish hidden divergence that has formed between the first low that has formed at 9116.74 and the second low that has formed at 9272.02 based on the histogram of the MACD indicator we may consider these as facts supporting the bullish view. Most importantly we didn’t have any contradictory signs and the price moved higher as I expected it to delivering an amazing move to the upside.
Ethereum Forecast
So based on the above-mentioned analysis, my view was bullish here and I was expecting the price to continue higher after pullbacks. The pullback that I was looking for happened and the price was holding above the breakout zone of the daily consolidation. We also had a bullish hidden divergence that has formed between the first low that has formed at 233.42 and the second low that has formed at 241.13 based on the histogram of the MACD indicator, we may consider these as facts supporting the bullish view. Also, the invalidation level was holding and there were no signs against the bullish view. The price then moved higher further delivering an excellent move to the upside.
We need to understand the fact that the market doesn’t care if we need to buy or sell an instrument the market does what it has to do. As traders we have to hold our horses, we shouldn’t expect our wishes or rumors to happen, we should wait for the facts to happen and when the facts fit in then that’s our opportunity to do any sort of trading. As long as it didn’t happen everything remains as an expectation for us. As you can see in the examples above, the facts happened supported the bullish view and the price moved higher exactly as I expected it to. This is why we should always trade based on the facts.
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To your success,
Vladimir Ribakov
Certified Financial Technician
