Bitcoin Review and Forecast 3

Bitcoin/USD
Bitcoin reached our 2nd target price at US$5,800 with current price at US$6,113. Our 3rd target price is set at US$6,300, of the current Mark Up phase.

One reason for the conservative target price is the low-volume breakout of from its re-accumulation zone between US$5,000-5,500, which indicates weak demand. Thus we'll need to be cautious when trading at current level.

We have forecast Bitcoin's "bottom" and price mark up till date since US$3,700 level. In addition to the money we made, the importance here is that as traders we need to learn to identify market phases, recognise price characteristics and trade in harmony with the market and smart money.

Join Us in our next FREE Introduction to Wyckoff Method Seminar to learn more about trading alongside the market and smart money.

Wyckoff's Law of Effort

Law of Effort Wyckoff's Law of Effort states that on any single trading day (or week depending on time frame), huge volume (effort) push by participants should see huge price movement, resulting in a wide spread (long body). This is a basic principle of effort and result. However, as per Singtel's case study, we saw huge selling volume on 11 May, yet the price action only shows a narrow spread (small body). This divergence of effort and result in Wyckoff's Law of Effort principles, indicates possible exhaustion in selling or hidden buying. Thus, with a lack of weakness, Singtel should continue trading range bound for the coming days or weeks till further strength or weakness is observed. Swing Traders who trades range can consider positions at 3.70-3.72, with exit target 3.76-3.78.

DBS Group Holdings (D05): Upward Move Expectations

DBS Group Holdings (D05) Upward Move Expectations Technically, price trading above 36.58, could see DBS Group retest previous high of 38.55. Both Relative Strength and momentum indicator FFI are supportive of the move. Stop below 35.42 Disclaimers apply

Keppel DC REIT (AJBU): Expect price to trade towards S$2.00

Keppel DC REIT (AJBU) Expect price to trade towards S$2.00 We have observed a decrease in technical supply at the S$1.80 support area during recent trading sessions. Furthermore, a softer interest rate outlook could be advantageous for the Data Centre operator. Consequently, we anticipate the REIT to move towards our initial target of S$2.00, with the potential to reach S$2.20 if it breaks through resistance. Our stop level is set below S$1.72. Disclaimers Apply

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