Watching and hoping

Aug 2, 2018

As I believe it's prudent to trade in favor of the tide, it's the weekly chart that tells me in which direction it's going. I have drawn the trend using blue lines and they're pointing down, but BTC has broken it upward and I think the momentum is up as long as the candles close above the upward trend line. In my previous analyses, I expected this wave 4 to correct to $7,400 (first analysis) and later to $7,800 given how well it maintained itself in the $8,100 level. Now I hope to see what I just mentioned: closing above my trend line for the weekly chart, and good volume carrying the price up. Just then I will enter my long position and ride it until we start moving sideways.