ThinkingAntsOk

Is the bullish side taking control? BITCOIN by ThinkingAntsOk

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Use this chart to develop your view on BITCOIN . Remember that any question, you can make it below and we will answer it!

Main items we can see on the Daily chart:

a)On the previous post, we were looking for signals if the price was going to break or bounce on a significant support zone at 5000 (check the previous post on related ideas)

b)The price bounced there and retested the previous falling wedge structure.

c)Based on that, we expect a continuation of the bullish movement and using Elliott Wave Theory, we can deduce that this huge channel is B or 2 and C or 3 should come after the breakout.

d)The setups we are waiting for trading BITCOIN are always outside significant structures, so in this case, we will be waiting for the price to be outside of the descending channel and a retest of it.

e)By the moment we provide our view of the Daily chart , with a bullish perspective. Also, we have an invalidation level, which means that, if the price reaches it, we will assume that the long vision was wrong, and we will open to new bearish movements coming.
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Comments

@ThinkingAntsOk I think you right, but price might see another low in next 2-4 weeks and rebound from it to your 9000+ target

short-term+daily charts here:
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@ArShevelev, Hi! Thanks for sharing your view! Yes, we agree on the resistance zone at 6800-7000. In our case, that is represented by the descending trendline of the last bearish movement! For sure is an area to pay attention.
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Logical chart, thanks for up-loading
here is my view-point
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@VincePrince, Hi, Vince! Thanks for sharing your view. It is really clear the way you divide zones between bullish neutral and bearish! Same view of the current situation.
Reply
ArShevelev VincePrince
@VincePrince, hey i think price can drop in bearish zone and rebound from it. How we suppose to confirm why it will be truly bearish?!
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