I hope you're all having a good weekend!
Follow up analysis motivated by Bitcoin's crucial move last night where we visited a horizontal support zone between 6300 and 6220. In my previous analysis I was predicting a potential buy opportunity where the horizontal support zone and side-wards support zone converged between 6510 and 6470. I also stated that if we broke below this level, that we would likely go lower once again to a support zone between 6100 and 5900.
As it stands, price broke down below the side-wards support level and turned into resistance, and landed right at the top of where I predicted the lower support zone at 6100, before showing a compelling downside rejection candlestick with the upside following. This shows there are a lot of bulls still around in the market place.
I am expecting 1 of 2 outcomes to occur. Either price will continue it's upside rally to 6670 in an upward impulse leg, or; price will find resistance at the 20 and 50 moving average, bounce back down again to the lows of the support zone, and then eventually pick up momentum for an upside trade to the target of 6670.
Bare in mind with the first scenario, it will get to target a lot faster than scenario 2. As scenario 2 not only needs time to correct, but there will be accumulation before price rallies again as a confidence factor.
I will continue to update this analysis providing enough people request it.
Please leave a LIKE and follow, this is the only reason I post my analysis here!
Follow up analysis motivated by Bitcoin's crucial move last night where we visited a horizontal support zone between 6300 and 6220. In my previous analysis I was predicting a potential buy opportunity where the horizontal support zone and side-wards support zone converged between 6510 and 6470. I also stated that if we broke below this level, that we would likely go lower once again to a support zone between 6100 and 5900.
As it stands, price broke down below the side-wards support level and turned into resistance, and landed right at the top of where I predicted the lower support zone at 6100, before showing a compelling downside rejection candlestick with the upside following. This shows there are a lot of bulls still around in the market place.
I am expecting 1 of 2 outcomes to occur. Either price will continue it's upside rally to 6670 in an upward impulse leg, or; price will find resistance at the 20 and 50 moving average, bounce back down again to the lows of the support zone, and then eventually pick up momentum for an upside trade to the target of 6670.
Bare in mind with the first scenario, it will get to target a lot faster than scenario 2. As scenario 2 not only needs time to correct, but there will be accumulation before price rallies again as a confidence factor.
I will continue to update this analysis providing enough people request it.
Please leave a LIKE and follow, this is the only reason I post my analysis here!
Comment:
Moving up perfectly now at the predicted zone, great! Looks like we can have a nice trade here if market continues to show strength.
"I am expecting 1 of 2 outcomes to occur. Either price will continue it's upside rally to 6670 in an upward impulse leg, or; price will find resistance at the 20 and 50 moving average, bounce back down again to the lows of the support zone , and then eventually pick up momentum for an upside trade to the target of 6670."
We have found resistance at the 20 moving average and have had yet another downside correction.
I am now going to wait for price to hit the horizontal support zone again before making a next move.
All you can do is be patient and wait for the market to iron itself out. If you don't you'll lose money, and fast.