TiborVrbovsky

Bitcoin is Bullish Once Again!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey! I am back with another idea, this time looking at Bitcoin once again.

Bitcoin is rising, altcoins are bleeding.

Everyone is expecting altcoins season but Bitcoin may not stop here and alts can bleed more while Bitcoin gains more Dominance.

I was bearish on Bitcoin after I saw a bearish pattern on daily chart , but luckily this pattern has found support in support zone which is a very good sign for Bitcoin to see a daily bearish pattern denial. ( I will include this pattern in an update)

Lets look on the current chart.

Bitcoin has found solid support around 9,800$ with strong bullish moves from there. After it has managed to broke downtrend, strong level of 10,640$ was broken and immediately support was found on this level which is a very good bullish sign.

After that another strong level of 11,130$ was broken and immediately support was found here too.

But, the price of Bitcoin have met with the overall downtrend and this trend really shown his strength. Bitcoin was fighting this trend for almost a day, hovering between 11,130 and 11,500 levels.

After this downtrend was broken, support was found at this strong downtrend and another shot was led the price of Bitcoin straight to 12,000$ per Bitcoin!

Currently Bitcoin is trying to break his current downtrend. I am amazed by the candle which I point out in the chart, such a bullish test of support level with a quick bounce and another testing of downtrend has begun.

Conclusion

So what more to say. Bitcoin is again showing some Bullish moves and may be ready to go for 12,420$ and even higher, I will update you about Bitcoin progress via updates.

Thanks for your time and good luck trading!

Vrbovsky
Comment: 30 min update text in chart explained
Comment: Here is the daily head and shoulders RSI formation that luckily have found support above support area. The Price of Bitcoin was already in the support area but has managed to bounce off it.
Comment: Currently testing uptrend, three bottoms in a row.
Comment: succesful uptrend test
Comment: Uptrend got unfortunately broken and currently is Bitcoin headed to 10,640$ as he didnt maintain to hold 11,130$
Comment: Succesfuly found support on 11,130$ with increasing demand
I like that Set up mate, @TiborVrbovsky
Reply
My take, you cant analyze at such a small time frame, we have much larger market forces at play here and now i suspect we will have a bigger downward force acting on the market
+1 Reply
TiborVrbovsky mike73234
@mike73234, Thanks for feedback, dont worry I am also analyzing the daily timeframe and I think 3H timeframe is more than enough If I look at the charts regularly
Reply
Interesting analysis! I think it is sharp to view that period as a downtrend; will be following this idea!
+1 Reply
TiborVrbovsky Luiserebii
@Luiserebii, Thanks for support! It was a clear downtrend even though short period, it still counts. Will keep you updated.
Reply
Luiserebii TiborVrbovsky
@TiborVrbovsky, I think what I found especially interesting was the idea of seeing this as a bullish sign. I usually think of volume following breaks as being more significant, so it makes me think more of uncertainty.
Reply
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