This is a follow up analysis of my previous analysis on Bitcoin (See related ideas for more information regarding this). Bitcoin is currently following the path of my previous analysis perfectly, by breaking the resistance zone and trading nicely to the upside after-ward. When making this analysis, I did mention price could correct to the downside slightly before the upside but I couldn't put my finger on exactly where. After watching price move for some time I have now discovered the best place to look for a correction/a new buy opportunity. This correction can be used to make a totally new position, or to add to an existing mid to long term bitcoin existing position holding.
Price recently broke above 6570, which was a considerably strong resistance zone that was the resistance of the accumulation after the previous impulse down leg. After this was broken, price was free to roam and explore the upside with relatively low interference. Price had a nice follow up move to the upside, before losing momentum currently. There is currently reversal candles at the high, and I expect that price could have a healthy downside correction to retest the accumulation resistance as a new support before going further higher. (There was a previous high of the same level in the consolidation that turned out to be a bear trap).
If price manages to correct here and go the upside, this would actually indicate short to mid term uptrend because price has had an impulse downtrend, then accumulation, then broken out of accumulation to the upside, retested it and left it behind. This is how all good and stable uptrend begin, and I do hope to see the correction very soon.
Do bear in mind, that price will soon correct regardless, but it doesn't necessarily mean it will tank from exact current levels. But it will be on, or around this level where a correction should be expected. I would not recommend shorting the corrective move as it could be snappy and leave a lot of shorts burned if the correction happens in the form of a downside corrective candle.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE. I'd really appreciate it. :-)
Thank you for your support.
Price recently broke above 6570, which was a considerably strong resistance zone that was the resistance of the accumulation after the previous impulse down leg. After this was broken, price was free to roam and explore the upside with relatively low interference. Price had a nice follow up move to the upside, before losing momentum currently. There is currently reversal candles at the high, and I expect that price could have a healthy downside correction to retest the accumulation resistance as a new support before going further higher. (There was a previous high of the same level in the consolidation that turned out to be a bear trap).
If price manages to correct here and go the upside, this would actually indicate short to mid term uptrend because price has had an impulse downtrend, then accumulation, then broken out of accumulation to the upside, retested it and left it behind. This is how all good and stable uptrend begin, and I do hope to see the correction very soon.
Do bear in mind, that price will soon correct regardless, but it doesn't necessarily mean it will tank from exact current levels. But it will be on, or around this level where a correction should be expected. I would not recommend shorting the corrective move as it could be snappy and leave a lot of shorts burned if the correction happens in the form of a downside corrective candle.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE. I'd really appreciate it. :-)
Thank you for your support.
Comment:
Bitcoin perfectly retested the horizontal support zone given in my chart, and it's clear that price is about to make an upside move here. Again, analysis is going exactly to plan and looks even more so when we break out of consolidation!
Please leave a LIKE and FOLLOW. I'd really appreciate it... these are what motivate me to take the time to post these analysis. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it... these are what motivate me to take the time to post these analysis. :-)
Comment:
Trade is running exactly as I anticipated, and looks like it will be a profitable one!
Well done to everyone who followed my analysis.
I'm glad to be your one stop shop for consistently profitable Cryptocurrency analysis!
Please leave a LIKE. Likes motivate me to take my time to post this content
Well done to everyone who followed my analysis.
I'm glad to be your one stop shop for consistently profitable Cryptocurrency analysis!
Please leave a LIKE. Likes motivate me to take my time to post this content
Price has been a bit shaky since testing support. Let's watch closely before executing trades here. There was a good scalp long opportunity on the wick, apart from that, nothing substantial yet.
Please leave a LIKE. I'd really appreciate it. :-)