Back with another analysis of Bitcoin! If you guys remember my last analysis, I outlined 2 support zones where Bitcoin could bounce, and we're currently bouncing at one of these levels! Price is trading at a nice level at present, so it's time to go to a smaller timeframe and look for the buy opportunity!
I took a short term buy yesterday with my VIP group yesterday at 6400 and took profits at 6650 and since hitting the daily high yesterday at 6730, there has been clear signs of reversal on the 1 hour chart. There is short term a side-wards support that formed in yesterdays trading session, which also nicely coincides with a longer term horizontal support zone between 6510 and 6460.
The ideal buy opportunity will be where the horizontal support and the side-wards support zone converge at 6510. This is a strong support short term support that is perfectly located at a long term support level, showing this buy level is more logical than most.
Bare in mind if price breaks below the horizontal support zone on the chart, then we could see lows between 6100 and 5900 before the next bounce.
I will continue to update this analysis providing enough people request it.
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Price broke below the first horizontal support zone between 6510 and 6460, no problem!
We also predicted a lower support between 6100 and 5900, as quoted on my previous analysis:
"Bare in mind if price breaks below the horizontal support zone on the chart, then we could see lows between 6100 and 5900 before the next bounce."
There was actually a nice bounce just now at 6300, which actually looks quite good, so could be worth watching for.
@Correction, Been right in every analysis for around 1.5 months so far
Thanks for your insights
Have a wonderful weekend :)
theredbaronZ
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@TomProTrader, So does this count as one of your "right in every analysis"? Here let me simplify your TA. Just post this with your charts:
"If the price is going up but if it doesn't it will go down"
There now you will be right 100% of the time.
Sheesh dude, you were wrong. Just own it. You said it would bounce off of 6500 and go up. It didn't. You said it would fall to 6100-5900 before it bounced. It didn't. It bounced at 6300. Don't be one of those losers who exclaims "NAILED IT!!!" on every prediction even if it is 100% wrong.
TomProTrader
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@theredbaronZ, You're not reading my analysis. As quoted:
"Bare in mind if price breaks below the horizontal support zone on the chart, then we could see lows between 6100 and 5900 before the next bounce."
It hit 6120 and bounced up to the upside. So I was right, however jealous you are.
Have a nice Sunday. :-)
Jimmy_Ocean
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Support broken again. So we should be heading down again towards 6-6.2k?