My previous bitcoin analysis is still intact but there is also signs of weakness at this level indicating that price could also go lower. The 8 hour chart is not one I'd usually user but it has it's uses when you are trying to fit a certain amount of price range into a chart for easy viewing, so there's no special reason for that if anyone is wondering why I chose the 8 hour chart.
Looking at Bitcoin now, it is holding the support level as per my previous analysis but there is some indication that bears are pushing in the market thus I have carefully analysed bitcoin to determine where it is likely to bounce from next if the current horizontal support zone fails. At present the price is trading within the previously predicted support zone, then the new zone to watch would be between the levels of 6960 and 6760. If price does break current support level and go the the lower one, then ideally we would want to see it bounce around the top half of the support zone. Why? Because where my new horizontal support zone is, also coincides with the 200 major moving average support level on this time frame, and I'd rather not see any price action below this. Well except, of course, if price does test the support zone deeply and then has a pin-bar rejection candle which shows we did indeed test the support zone all the way through and the bulls came out on top by rejecting the lows then this would be a great thing and be a very bullish set up.
The main idea here is that if we break the zone, watch for my next support zone to be hit, and see how price behaves at the support. If it bounces nicely with a compelling candlestick this shows reversal. If price consolidates at lower support, then this shows uncertainty even when you had the chance to buy BTC at an incredibly low value of recent times. This would be bad news for bitcoins trend in the short to mid term.
Bear in mind, the quicker the price bounces into the lower support and bounces again, the better this is for price. We don't want to see bitcoin hang around this low for too long or the integrity of the support zone will also be in jeopardy.
Where do YOU think price is heading? Leave a comment with a chart below and let's share our thoughts!
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Thank you for your support.
Looking at Bitcoin now, it is holding the support level as per my previous analysis but there is some indication that bears are pushing in the market thus I have carefully analysed bitcoin to determine where it is likely to bounce from next if the current horizontal support zone fails. At present the price is trading within the previously predicted support zone, then the new zone to watch would be between the levels of 6960 and 6760. If price does break current support level and go the the lower one, then ideally we would want to see it bounce around the top half of the support zone. Why? Because where my new horizontal support zone is, also coincides with the 200 major moving average support level on this time frame, and I'd rather not see any price action below this. Well except, of course, if price does test the support zone deeply and then has a pin-bar rejection candle which shows we did indeed test the support zone all the way through and the bulls came out on top by rejecting the lows then this would be a great thing and be a very bullish set up.
The main idea here is that if we break the zone, watch for my next support zone to be hit, and see how price behaves at the support. If it bounces nicely with a compelling candlestick this shows reversal. If price consolidates at lower support, then this shows uncertainty even when you had the chance to buy BTC at an incredibly low value of recent times. This would be bad news for bitcoins trend in the short to mid term.
Bear in mind, the quicker the price bounces into the lower support and bounces again, the better this is for price. We don't want to see bitcoin hang around this low for too long or the integrity of the support zone will also be in jeopardy.
Where do YOU think price is heading? Leave a comment with a chart below and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Comment:
Price is going exactly as predicted, hitting the lower support zone boundary! As it stands, price is showing minor reversal candles at the horizontal support zone and price may well stay here for now and bounce to the upside soon!
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Thank you for your support.
I am glad to be your one stop shop for consistently reliable and profitable analysis!
Please leave a LIKE and give me a FOLLOW. I'd really appreciate it.
Thank you for your support.
Comment:
Price is still fighting even at the support and bears are still pushing in to try and break the support.
It's time to step aside and let the bulls and bears fight it out, then we can enter trade. :-)
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It's time to step aside and let the bulls and bears fight it out, then we can enter trade. :-)
Please leave a LIKE. I'd really appreciate it.
Thank you for all your support.
Comment:
Price is bouncing right at the support zone as planned. Looks like it could get at least some short term upside from here.
I am posting a brand new analysis shortly so stay tuned! :-)
I am posting a brand new analysis shortly so stay tuned! :-)
Price could correct before this time (With low probability) and if it does the idea will be updated along with this.
I will continue updating this analysis if it receives sufficient attention.
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