BillCharison
Short

BITCOIN, Moving Averages - New Bearish Cycle?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
There is no doubt, at the moment the crypto market is in a bullish cycle, buy volumes are much higher than selling ones. However, every trend needs correction. Today I want to consider 1-Day BTC/USD chart to show you when should we expect the correction and how far will it go. Usually, moving averages (MA20) and exponentials moving averages (EMA20) illustrate a trend condition very clearly. The majority of traders use these tools to find the main resistance and main supports.

The first SHORT cycle started from $6300 and ends at $3200 which is ±50% profit. This SHORT we will take as a starting point, as it was the first strong movement of the new market trend. The second cycle was LONG - the correction of a last big fall, a growth from $3600 - $4200, which is ±22% profit. The third cycle - SHORT, the price was moving in a tight corridor, there was a flat, however, we can mention some downward movements from $3800 to $3300 which is ±13% profit. The fourth cycle was LONG and it is the most interesting and valuable one, price pumped from $5600 to $9100 = ±160% profit. No comments. The FIfth cycle (the actual one) - SHORT, again. The main resistance of this cycle is located at the $8200 level, the main support is located at the $7000 - $6625 zone. In case this level will be broken - we have supports at $6200 and $4650.

In case this topic will be interesting for you, we will continue updating this idea and post more information about our strategies. Sometimes it is much easier to predict any price movements than we used to think. If you found this idea interesting, do not forget to Like it and subscribe to the profile, so as not to miss our updates!
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Bitcoin about to break another resistance. After this one aiming for $8,330

+2 Reply
The Bears House...

Bitcoin is looking bullish right, what's your take?
+3 Reply
Thanks, very easy to understand and trade
Reply
How are you coming up with $4650? I see the horizontal resistance/support levels above there around 5600 - 4900 (also reflected on the volume profile), but nothing that points to this level. Could you clarify?
+1 Reply
Whenever an idea gets too popular, maybe best to take the road less traveled.

;)
+3 Reply
I could see it finding support around 6400/6600 before more movement upward
+1 Reply
So far so good on your awesome analysis! we touched $8200 today but Is a fairly strong resistance. We are up 8% so far this week on BTC and look forward to what the rest of the week brings!
+1 Reply
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