ronakcp

BITCOIN DOUBLE TOP - Looking for that Higher Low - What's Next??

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey Folks,
Let's jump right in. Since my last post, we were trying to establish a bullish confirmation but we never hit our resistance. We had so many signals indicate it's possible we may finally have a bull run but we never got to test resistance and fell under support. This is why resistance and support helps with charting mixed in with other indicators. I can see now on the 4hour chart that BTC has formed a double top . MACD looks like it's going to cross over to bearish since we are still trading in the downward channel . So mixing in the daily chart , I see we are still in the downward channel which makes me believe if things keep up the way they do, we will go under 9k again. Back to the 4 hour chart, out previous support now turned into resistance for BTC @ 9400. This double top forming makes me believe it's a 80% chance of coming true, mixed with the daily chart and current macd on the 4hour chart. If this happens, we should form our higher low which will mean we could see a higher high form after that. Current support is 8900, 8400, 7800. Resistance is 9400, 9800.


Our Daily chart for BTC is trading in the downward channel as you can see. If a bullish macd cross will occur we will need to break through 9400 and head up but I don't think we are there yet. We formed our low around 6k, and we formed our high around 11800. If this double top is true, we will go down a little bit further, around 7500-8000 to form a higher low.



Summary:
Hang tight, we will dip a little more and form our higher low, IMO the higher low will be around 7500 - 8000 and from there we should slowly make our way back up to form our higher high which will indicate a bull break. Key Support and Resistance to watch closely - Current support is 8900, 8400, 7800. Resistance is 9400, 9800. If Support breaks, look for the higher low to be confirmed, if resistance breaks, confirmation our double top was false, this is our higher low, now it should look make a higher high.
I long now until $9700's. I think shorts gonna get rekt when Mr. Gox buys back ALL of their Bitcoin. xD
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mightytrader mightytrader
*Mt. Gox
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