Using 3 different timeframes of BTC/USD here so we can still see the bigger picture of possibilities to come in the next weeks, possibly even months but with the way the market has been working been needing nearly every day, to be reexamined and restrategized upon
Showing 1 week, 1 Day and 4hr charts and using COP (Cycle of Power) Indicator which you can get for FREE when signing up for a subscription to the www.leadingtrader.com website, I strongly recommend Alessio's services and commitment to providing high-quality Analysis over all the Markets and not just crypto/bitcoin
Simply showing here the different timeframes with Fibonacci retracements so we can get an idea of strong support and resistance areas in the corresponding timeframes
First lets address the weekly chart, two great weeks of gains is encouraging for the bulls and seems like we will reach the fib level and bounce off that ceiling and its possible in weeks to come we may go down again to tests lows, if there is enough momentum upwards we could see 0.236 level become support around $9200 - The COP indicator still is showing bearish sentiment, i feel when this switches UP into the green it will be a powerful signal that bitcoin is back in a bull market. The red trendline is a support trend, if we do come back down and break this red line, we could see more bearish moves and another restest of the yearly lows in the $5-6k area.
Now with the Daily chart, things are looking quite sweet for further gains and upward momentum, going into the FULL MOON weekend bitcoin rallied and stabilized around 8200 after bouncing from just under 7800 the previous day. There is a couple of trend lines in red on the daily chart which gives us some ideas and targets of resistances to break or rebound off depending on the volumes in the coming weeks, as long as we stay above the low of 7780 it looks quite probably we will test the higher trend lines and looking for a close above to secure further profits from previous longs by bringing up any stops to a break even level. COP is bullish BUT with the indicator showing a bolder/lighter colour, it means we are in overbought territory, so be mindful of this, i feel if we break these trend lines and go up we can target the 0.786 level of the fib which is around 9200.
Onto the 4hr chart, we see a clear pennant being formed, we had one on thursday that looked like it was going up but then sharply reversed and broke down towards that low of 7780, always wait for a candle to CLOSE first, im sure many bulls bought in on that only to get burned pretty quickly, or depending how you looked at it created a nice short with pullback for others to get a great long position going into the weekend...
s22.postimg.cc/hsv48uyrl/BTCUSDH4.png
https://s22.postimg.cc/hsv48uyrl/BTCUSDH4.png
im expect bitcoin to stay in between this pennant over the weekend and possibly will break out sunday night when the weekday markets open and we get early investors making moves like in the past few weeks, now which way it will break out is still uncertain we can get an idea of the support it has if it breaks down but if we make some more gains and move up and break out we can expect a strong move towards 9 and 10k and test some of those previous highs from feb/march
Overall market confidence is picking up, EFT or no EFT the Bitcoin Honey Badger "dont care" and will carry on regardless of Wall Street/City of London or not, like i mentioned in threeSteps telegram chat...
"If the Shoe no longer fits....maybe its time for another Runner!"
As govt .depts andf taskforces get up to speed on the crypto sphere, us the people involved have alread progressed again and they are in constant catch up it seems, i do welcome regs and see it as a good thing but dont hold out for anything that endangers anything with a 19th century mindset!
Good trades and come join us in our FREE telegram chat....
Showing 1 week, 1 Day and 4hr charts and using COP (Cycle of Power) Indicator which you can get for FREE when signing up for a subscription to the www.leadingtrader.com website, I strongly recommend Alessio's services and commitment to providing high-quality Analysis over all the Markets and not just crypto/bitcoin
Simply showing here the different timeframes with Fibonacci retracements so we can get an idea of strong support and resistance areas in the corresponding timeframes
First lets address the weekly chart, two great weeks of gains is encouraging for the bulls and seems like we will reach the fib level and bounce off that ceiling and its possible in weeks to come we may go down again to tests lows, if there is enough momentum upwards we could see 0.236 level become support around $9200 - The COP indicator still is showing bearish sentiment, i feel when this switches UP into the green it will be a powerful signal that bitcoin is back in a bull market. The red trendline is a support trend, if we do come back down and break this red line, we could see more bearish moves and another restest of the yearly lows in the $5-6k area.
Now with the Daily chart, things are looking quite sweet for further gains and upward momentum, going into the FULL MOON weekend bitcoin rallied and stabilized around 8200 after bouncing from just under 7800 the previous day. There is a couple of trend lines in red on the daily chart which gives us some ideas and targets of resistances to break or rebound off depending on the volumes in the coming weeks, as long as we stay above the low of 7780 it looks quite probably we will test the higher trend lines and looking for a close above to secure further profits from previous longs by bringing up any stops to a break even level. COP is bullish BUT with the indicator showing a bolder/lighter colour, it means we are in overbought territory, so be mindful of this, i feel if we break these trend lines and go up we can target the 0.786 level of the fib which is around 9200.
Onto the 4hr chart, we see a clear pennant being formed, we had one on thursday that looked like it was going up but then sharply reversed and broke down towards that low of 7780, always wait for a candle to CLOSE first, im sure many bulls bought in on that only to get burned pretty quickly, or depending how you looked at it created a nice short with pullback for others to get a great long position going into the weekend...
s22.postimg.cc/hsv48uyrl/BTCUSDH4.png
https://s22.postimg.cc/hsv48uyrl/BTCUSDH4.png
im expect bitcoin to stay in between this pennant over the weekend and possibly will break out sunday night when the weekday markets open and we get early investors making moves like in the past few weeks, now which way it will break out is still uncertain we can get an idea of the support it has if it breaks down but if we make some more gains and move up and break out we can expect a strong move towards 9 and 10k and test some of those previous highs from feb/march
Overall market confidence is picking up, EFT or no EFT the Bitcoin Honey Badger "dont care" and will carry on regardless of Wall Street/City of London or not, like i mentioned in threeSteps telegram chat...
"If the Shoe no longer fits....maybe its time for another Runner!"
As govt .depts andf taskforces get up to speed on the crypto sphere, us the people involved have alread progressed again and they are in constant catch up it seems, i do welcome regs and see it as a good thing but dont hold out for anything that endangers anything with a 19th century mindset!
Good trades and come join us in our FREE telegram chat....
