What's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing BTC/USD on the 1D chart.
Continuing to keep a close eye on Bitcoin, price is currently in a free fall after hitting a side-wards resistance level at
At current, price is trading at 8801 after a strong down move from the peak on 5th March. Price had a correction after hitting a horizontal resistance at 11610 and has continued downward since. We are now watching for the key levels in this down move, where we can seek a buy opportunity.
Price has 2 support levels it can use for a bounce to the upside. First of all we have the 200 major moving average at 8770, which is around current levels. This itself is a reliable support IF price can find some momentum, in the form of reversal candlesticks. Secondly, we can keep an eye on the next horizontal support at 7100 for a bounce here.
If the 7100 lower support boundary is breached, we could see lows to as low as 4490.
I will update this analysis when I receive above 40 likes.
@PeymanShah, False means "not according to truth or fact", this concerns me. Do you think your analysis is factual? If so, you're in for huge losses soon.
"Take too much credit out on yourself, and you end up in debt."
peyman_sh
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@TomProTrader, Right now I got to Target and closed my position
I hope you will be useful too
TomProTrader
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@PeymanShah, Good, but I hazard that you missed my point.
Never mind, have a nice day :-)
Giovi6969
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Your new type of TA presentation you are doing since your last few published ideas is much better than the ones you were using before.
I don't say it in a way of judging you at all, i am not, but in a way that it is better written and it might be clearer for the average joes reading you.
Looks like this March month inspired you lol.
Keep on the awesome work
Rogue7
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Thanks for the great update Tom, really appreciate that your charts are straight forward without the hyperbole of other TA pros.
TomProTrader
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@Rogue7, Thanks for your compliments. Much more material to come. :-)
Jbos865
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Hi Tom, on a daily log scale BTC is moving in a perfect rile book symmetrical triangle with a good length of 3-4 months, against the longterm trend... It has three up and two confirmed down touches so far. Also we have declining volume.
If the 7k is broken and a candle closes on the daily below it would be a breakout down from that triangle.
The target of this triangle is, to the down 3k to 4k and to the up 28k to 32k.
Personally I think we will have a breakout in the next weeks...