ForecastCity
Long

There is a trading opportunity to buy in BTCUSD..

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast resumption of uptrend.

Technical analysis:
. The RSI bounced from the support #1 at 26 and it prevented the price from more losses.
. The RSI downtrend #2 is broken, so the probability of resumption of uptrend is increased.
. Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
. Relative strength index ( RSI ) is 44.

Trading suggestion:
. The price is in a range bound and we forecast the uptrend would resume.
. There is a possibility of temporary retracement to suggested support zone (6000 to 5460). if so, traders can set orders based on Price Action and expect to reach short-term targets.

Beginning of entry zone (6000)
Ending of entry zone (5460)

Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @6415.00
TP2= @6974.35
TP3= @7682.60
TP4= @8760.45
TP5= @9774.80
TP6= @11600.00
TP7= @12700.00
TP8= @14350.00
TP9= @17095.65
TP10= @19704.20
TP11=Free
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Comments

Hi, thanks for your chart and point of view however I am not at all convinced that we have put in a bottom yet. After the triangle break to the downside price has developed a bearish impulse and has only just completed the first and second leg of a 5 wave structure. We are still bearish and any rally should be considered a short opportunity. I am looking for wave iii of the current bearish impulse to get underway with targets near 4000. Good luck trading.

4HR Chart:


Weekly with link to full thread and recent updates where we have been discussing corrective price structures and their behavior:

+1 Reply
Tp1: 7400; Tp2: 8100; Tp3: 9600 according to find and resistance areas...
+1 Reply
ErsozSozer ErsozSozer
+1 Reply
Feeling confused about Bitcoin - where to buy, where to sell? No more, my friend! Find bliss in my latest LSD-laced, neon-colored chart.
+1 Reply
@ForecastCity always enjoy your posts. You are one of my favorite analysts!
+1 Reply
It will go up soon! toward the MARS!

;-)
+1 Reply
Very thoughtful, congratz n thanks a lot giving me a better direction and surely earning money. Two thumbs up and God bless you always
+3 Reply
Excellent! as always!
Thank You for sharing!
+3 Reply
Listen to this and loose your money, entry for bitcoin is under 4k for sure!
+1 Reply
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