What Bitcoin does now could decide whether it hits new 2019 highs
The right signals over the weekend might herald Bitcoin's rise to a new yearly high.
Two weeks ago he predicted that Bitcoin would pull back about 35%. Subsequently, Bitcoin pulled back 33%.
Craig is currently touring Australia. To find out how he made this prediction, and learn how to do it yourself, you can find out when Craig will be in your city and then attend a live trading course.
This week he's looking at what signals Bitcoin needs to flash before he's convinced it will hit new 2019 highs.
My last article spoke of the need for Bitcoin to pull back 30% to 40% for it to remain in good health for further upside. Well, two weeks on and we have had exactly that. Sure, it wasn’t the 35.75% average but we have had 33% and since that falls within the bracket that will do me.
What else do I consider?
Firstly, Bitcoin fell to the level of US$9,077 (depending on what chart you look at). This was $277 above the suggested $8,800 in the article. This means we failed to break $9,000, which is a solid psychological level. We did, however, break $10,000 and had a wonderful "Cradle Trade" short off $11,000 so there were some very nice shorting options for those that have learnt how to trade the way I do.
The focus is now on the weekly chart for me. With a rejection of $9,000 and $10,000, we have a bullish candle currently in play. I will be waiting for Monday morning to see how this candle closes.
But then what?
If it were to close as it looks right now then this would be a bullish candle in my "Cradle Zone" and would lend a couple of factors to consider a move to new 2019 highs. I would then need to see this weekly candle break to the upside for this to have me firmly back into the hunt for long trades.
Why does the break of the candle in the "Cradle Zone" mean so much to me?
Let me show you the 2017 bull run.
Every single time the weekly candle was in the "Cradle Zone" and printed a bullish candle and then broke higher, we had a good move on our hands. The candle didn't always break the week after but it
never broke down. If it did break down then it would invalidate my theory.
This market is looking very strong, the weekly chart is evidence of this and this is why I believe it holds so much clout.
If you are in Sydney the weekend of the 27-28 July and would like to learn how I trade then please come along.
There are limited places, so get in fast: https://tradercobb.com/classroom/.
Disclaimer: All predictions are for information purposes only, and reflect the author’s opinion. Their opinion may change over time. This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Disclosure: The author holds BNB, BTC at the time of writing.
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