Hi Traders! Bitcoin forecast update and follow up is here. On May 27th I shared this “Bitcoin Forecast” in Trading View. In this post, let’s do a recap of this setup and see how it has 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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Now let’s summarize the idea first:
Bitcoin – My idea here was as follows:
D1 – We have a key resistance zone that has formed and the price still has room higher towards this zone.
We have strong bullish momentum. There is no sign that shows the trend is over.
We may expect further continuation higher towards this key resistance zone.
Bitcoin D1(Daily) Chart Current Scenario
Based on the above-mentioned analysis my view was bullish here and I was expecting the price to move higher towards the key resistance zone. The price moved perfectly as per my plan, it respected the bottom of the range, moved higher and broke above the top of it. Then the price moved higher further and reached the key resistance zone exactly as I expected, delivering a huge move to the upside (you can see this move clearly on the H1 chart below).
Bitcoin H1(1 Hour) Chart
So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bullish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions.
(Note: You can follow me here on Trading View and also on my blog to get similar ideas on a daily basis)
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To your success,
Vladimir Ribakov
Certified Financial Technician
