Hello everyone, may this day be profitable ! :)
Like I said in my previous analysis (www.tradingview.com/...ry-soon-for-Bitcoin/) we are still inside that big triangle.
The candle yesterday was clearly a stop-hunt, what is strange is that it was on "both sides" so it's more likely to produce an upward break but for the moment nothing is less sure.
I'm still thinking we will retest 4100-4250, that would complete the divergence and lead us to the next levels down.
This shows the bigger picture on the 12h chart. If you have balls of steel and good capital management you could try a little long from here with targets 4150-4200, as you can see, even the way up is really hard, we have the 50SMA (in red) as direct support and below it again the 200MA that should act as support if 50SMA doesn't.
Anyway, the next few hours/days will be determining for the next weeks, maybe months for bitcoin so don't miss the analysis ;)
Liked my analysis and want more? Please press the Like button ;) My affiliate links to support me:
Use this link to register on BitMex and enjoy -10% on trading fees for 6 month: www.bitmex.com/register/1rb1a0
If you want to trade ordinary markets with BTC , WCX is a promising trading platform, with leverage: wcex.com/?ref=MobJKN...
Like I said in my previous analysis (www.tradingview.com/...ry-soon-for-Bitcoin/) we are still inside that big triangle.
The candle yesterday was clearly a stop-hunt, what is strange is that it was on "both sides" so it's more likely to produce an upward break but for the moment nothing is less sure.
I'm still thinking we will retest 4100-4250, that would complete the divergence and lead us to the next levels down.
This shows the bigger picture on the 12h chart. If you have balls of steel and good capital management you could try a little long from here with targets 4150-4200, as you can see, even the way up is really hard, we have the 50SMA (in red) as direct support and below it again the 200MA that should act as support if 50SMA doesn't.
Anyway, the next few hours/days will be determining for the next weeks, maybe months for bitcoin so don't miss the analysis ;)
Liked my analysis and want more? Please press the Like button ;) My affiliate links to support me:
Use this link to register on BitMex and enjoy -10% on trading fees for 6 month: www.bitmex.com/register/1rb1a0
If you want to trade ordinary markets with BTC , WCX is a promising trading platform, with leverage: wcex.com/?ref=MobJKN...
Comment:
It played out almost perfectly now. Like I said, we are heading to that 4250-4300 resistance. Even there seems to be a little bull flag forming, maybe we wont even get there as we are actually dealing with the 50SMA (around 3980-4020) and it's not letting itself break so easily. A break here would probably trigger a long to 4125 and after 4250-4300. I don't see it go much higher.. If we do there will be a lot of action to watch because this 5k levels are really important. I don't think at all that's it's time for bitcoin to retest these resistances, for the moment I likely believe we should head down to the support to 3600-3630. If this breaks we'll see 3k or less.
Comment:
For the moment patience is the key, this is not a long signal. Waiting or for bitcoin to CLEARLY take out the resistance to buy or for good levels to sell (around 4200). This whole movement could take quite some time, not only a few hours but maybe even some days days.
Liked my analysis and want more? Please press the Like button ;) My affiliate links to support me:
Use this link to register on BitMex and enjoy -10% on trading fees for 6 month: www.bitmex.com/register/1rb1a0
If you want to trade ordinary markets with BTC , WCX is a promising trading platform, with leverage: wcex.com/?ref=MobJKN...
Liked my analysis and want more? Please press the Like button ;) My affiliate links to support me:
Use this link to register on BitMex and enjoy -10% on trading fees for 6 month: www.bitmex.com/register/1rb1a0
If you want to trade ordinary markets with BTC , WCX is a promising trading platform, with leverage: wcex.com/?ref=MobJKN...
Comment:
This is playing out really like expected :) Almost perfectly. The price is not breaking the daily resistance around 4125 (By the way before I was taking Bitmex price as reference but I'm using Bitfinex chart, sorry for that I'll make sure that I'm on the right chart next time and reffering the correct prices). I think we will see a little retest of 4000 levels (Bitfinex, around 100 points lower on Bitmex) and then a last test of this big upper resistances 4250-4300, maybe even 4800 (would surprise me and give me a little more confidence in the market for the next coming weeks at least) but then the big forming divergence should complete. I'll try to draw a chart later or tomorrow. ;)
