BTC/USD - Levels To Watch (Continued)

I made an analysis earlier outlining the potential levels Bitcoin could drop to amidst the large fall seen yesterday,. and would like to continue on with the same line of thinking by using a smaller time frame to explain more clearly the levels that price will fall to, and most importantly why. Having a larger time frame with the bigger picture is good for measuring the overall concept but need the smaller time frame to finesse the move, and obviously to find the entry levels for selling into the correction or buying at the anticipated level. After all if you're using the daily chart to buy a reversal, you're either too late or too early (And that's a fact)... Because you could have used the hourly time frame to get in much earlier.

Onto the Bitcoin analysis, it is currently trading at 6440 after a small upside recovery intraday from 6300 level. Price then recovered slightly, and appears to have almost immediately found a resistance at the 76.4 Fibonacci retracement level, where I expect price could fall further. (This will show up as 23.6 on your retracements, I always draw my Fibonacci's backwards purposely) Price had a bearish harami and some nice follow through, and does look particularly weak at this level.

I suspect Bitcoin could now fall victim to technicals and fall as per my original analysis, from the 76.8 Fibonacci level outlined on my chart, to it's destination support zone, in a minor 3 wave downside pattern. Bitcoin still looks weak, and needs to shake off the bears further before the bulls jump in again.

Where do YOU think price is heading? Leave a chart with a comment and let's share our thoughts!

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Comment:

Something I forgot to add to the above analysis. - If price breaks the 76.4 resistance level as shown in the above analysis, then price will likely trade to the above resistance zone between 6830 and 6990 before the next downside ensues.

Generally, the only way this idea would be fully invalidated is if price breaks 7280, so there's a large area for possible short plays!

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Comment:

Comment:

Bitcoin has had a range bound day and price has barely moved at all since i posted this idea. This is because price is lingering where there is extremely strong support consolidation which will be very hard to break.

Because it's hard to break, there is likely a large base of buy orders at or just slightly below the base.

I am expecting price to move better soon. This could happen over low volume weekend where there is virtually no defense against low volume moves, or Monday when volume comes back into the markets once again.

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Comment:

There is upside, however it's so weak that it's almost not worth mentioning.

The bulls are clearly present, but it's also clear they're not strong whatsoever. Overall sentiment is down unless there's a large compelling candle saying otherwise... I still stand by this analysis for now because nothing's happened to change it otherwise :-)

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Thank you for your support.

Comment:

Trade is going EXACTLY to plan! :-)

Well done to everyone who followed this chart, we are in significant profits! :-)

Please leave a LIKE. I’d really appreciate it. :-)

Thank you for your support

Comment:

TomProTrader is right, again. ;) :)

Comment:

Won’t be able to post for a few weeks due to commitments elsewhere

I wish everyone the best of luck with their trading. :-)