AndrewDavis5

All Bitcoin targets of yesterday met

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In my previous post, said I'd only consider re-entering BTC/Alts "if it pulled back to ~8150 first" (before getting to 8315 target).
It did exactly that, shot up after retracing to 8150.
I just didn't expect overshoot to 8400.
I will update with proper wave count and next targets after this settles a bit.
Comment: Previous post & chart:

"Potential count where Bitcoin attempts a Bull Flag for a small push to ~8320.
I'll sit this one out as I believe if it does reach there, it will correct after, & the risk to reward isn't good.
Would only slightly consider if it pulled back to ~8150 first.
Support below @ ~8050."




Comment: I prefer having more data before setting next targets, especially after a sudden BTC pump like this, however I'd like to be away & catch up on work, so I'll set some rough estimate for now.
Bitcoin may correct something like this to ~8150 & may want to attempt another move up after.

Comment: Bitcoin is stalling to correct normally as it finds support on an intersection of support lines. Possibility of it attempting another move up to 8500-8600 range, if it doesn't correct normally soon.

Comment: Bitcoin could make a decision soon. I updated my mark to the 8220 line for the past 2 hours, interested to see how it reacted at that point.
Price could break either way with enough forces from either side, but I'm leaning towards Bullish/Up for now. Weak/odd correction so far.

Comment: Still just getting some #Altcoin buy orders filled around this point.
Bitcoin moving very slowly here as the market is trying to make a decision. I think it shouldn't take too much longer before some real movement takes place.
BTC support zone listed below and resistances marked above.

Comment: Bitcoin still moving according to plan & targets so far.
Notice we are stalling (small correction) in the same resistance area I pointed out in my last update (~8300 range).
Several upside targets marked, you'll have to observe real-time momentum/volume to determine where it may hit.

I'm unsure at the moment if Bitcoin is on a large subwave-1 (which I am hoping), or already completed 3 small subwaves.
The size of this correction area should give us clues.
If only completed subW-1, then naturally, upside targets are higher.

Comment: Please also remember it's a good idea to set stop-losses. Since I (and hopefully most of you) bought around the bottom here (8200), I can place my stop-losses in a safe position of profit, relax & wait to see how high price gets.
Can't lose on this trade either way, rise or fall.

Comment: Bitcoin price pumped and hit right to my 8530 mark so far.
It was the higher end next-wave target in case of sudden volume.
We'll have to observe if buyers are going to attempt to break past this right away, or cool down a bit; was definitely a target/resistance level I saw.

Comment: Just sharing that Tron / TRX is doing very well recently. It was my largest portfolio buy last night & up ~14% since. I temporarily sold at the top (0.77) and will be observing to likely get back in soon. Do note that volatile coins can also fall/lose value as quickly.

Comment: My next Bitcoin target is Buy @ ~8420 range. Caution as this correction so far is sluggish & hard to interpret.
Upside target ~8650.

Comment: Posted on Twitter that I believe price may get lower.
Update coming.
Comment: (New updates will be placed in my new post - Lined to the bottom)

My updated thoughts on how the next 24hrs play out for Bitcoin.
If price doesn't jump here soon (which I now less likely believe will happen), we should have a lot more correction to complete (down to ~8350), before another wave up to ~8650.

My thoughts on how the next 24hrs play out for Bitcoin.

If price doesn't jump here soon (which I now less likely believe will happen), we should have a lot more correction to complete (down to ~8350), before another wave up to ~8650.

I update more frequently on Twitter than on TradingView.
Twitter: @AndrewEDavis
https://twitter.com/AndrewEDavis




New Post:

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out