Price is now approaching the all important support zone, that has been the only thing keeping Bitcoin above 5.5k for absolute months. Price has been making consecutive lower highs since May, with no sign of easing at all. This is concerning, because the most recent lower high is dangerously close o the support zone breakout. If the horizontal support zone is broken, Bitcoin will stay in a downtrend for a very long time.
Price needs to make a decision. It will now either:
- Come into the horizontal support zone, pick up some momentum and bounce to the upside, either hitting side-wards resistance again, or if lucky, break out, retest the side-wards resistance as a new support and then go to the upside.
- Bitcoin breaks below the horizontal support zone, retesting it eventually as a resistance before we're going to the downside even more. Had this happen, Bitcoin is surely staying down for some time.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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Still weak at the bottom support. Nothing to see yet. Analysis stands perfectly. We're clearly at a key technical level and up or down from here is a big deal.
Thanks for everyone supporting the channel by flagging bad comments, seen some major offenders get banned for 3 days. We're smashing it! :-)
@alexpolynov, poor guy! You have move your finger to scroll a tad more so you can see posts other than Tom's! This site has free content buddy, get used to seeing lots of content you don't necessarily want to read. It's okay to move past Tom's posts if you don't like them. Not very difficult.
TomProTrader
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@alexpolynov, are you suggesting me we shouldnt look at both possible directions in a game of possibilities ?
ReallyMe
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@TomProTrader, he is suggesting, and I have to agree, that ideas saying "the price could either go up or it could as well go down" are worthless
MisterDeuce
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@ReallyMe, there are conditions listed that have to be met for each scenario to work. Those aren't worthless. Scroll past Tom's post next time if you don't like it. Not that hard.
ReallyMe
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@MisterDeuce, yes, if any, quite vague conditions, which will be fulfilled in any case. Any gas station rookie can do such pointless "either up or down" TA
fiborazzi
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@alexpolynov, Tom's post provides some very thoughtful information. Unless you blindly trade based on the direction of popular posts, people should find value in ideas like this that provide information and insight. These posts are called IDEAS not ANSWERS. Without knowing anything about you personally, your comment suggests that you demand that other people's posts do the thinking for you.
andoverg
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Wow! This is the first TA I have read the day after the post. I saw your request to flag trolling/insulting comments start running in your description, but I had no idea how brutal posting these has been for you. And I have no clue why folks are so emotional about others opinions. I don't always agree with the calls, but I welcome the different views because others sometimes see what I don't.
As for the two scenarios, this is just good logic. I always approach a trade with the two options in mind. I have my idea as to how I think it will go and my idea as to how wrong it could go if it goes the other way. I think that's just part of good risk management. I guess folks are looking for definitive answers to give them an idea about what trades to take or to make them feel okay and confirm how they think things will go.
As for this TA, I agree that this could go either way. There are too many variables seen and unseen that make this a gamble trade, not a probability trade. I don't take gamble trades, and this for me is a no trade. The market will always be there and there will be a better setup later that I can make a better probability trade on. I may not be able to brag on how I got the bottom buy. I may miss a $300 pump. But I am also certain to miss the stop out of a $300 dump if that's the way it goes. This is 50/50 to me on what could be a big move with whales in the waters. I'm on the sidelines except for very short-term scalps.
As far as a support zone being a "mere fancy," I think an area that rejects price movement 7-8 times qualifies as support. It might not hold (another point to your post), but it is certainly relevant right now and needs to be on the chart.
Thanks for sharing. And take heart in the fact that for each of those who can only comment with negativity, there are many others (like myself) who appreciate your kindness and use your TA to supplement their own.