Good morning, traders. I'm finally back, after having moved last week, and Bitcoin has basically done nothing other than initially hitting my first upper target, followed by my lower target, that was published last Monday. Since then, it has moved sideways. Last night saw a bit of a move down, but price has remained within the local TR and now the H1 and H4 TFs are oversold and showing bullish divergence. Price hit the 61.8 retracement on February 27th and last night's drop hasn't pierced that yet, suggesting this local TR may be the bottom of this local corrective move. The supply zone between $4036 and $4237 remains the level to watch for upward movement to continue, with the supply zone between $4349 and $4635 being the next level to watch. Ultimately, we want to see $3550-$3650 hold. If it fails to hold, then $3431-$3383 becomes the target, and a push below that should have price targeting the 2018 low. D1 RSI is currently finding support on the horizontal S/R line at around 47, but the day still has quite a while to go before it closes out, so traders should be monitoring this.
For shorter term traders, on a move up from here, initially price should expect resistance around $3770-$3835 followed by more resistance at $3880-$3945. Yes, many of the levels mentioned throughout this analysis are within $100 of each other which is close. However, traders need to understand that price has been moving sideways since the end of November which means many areas of interest have developed for traders looking to long and short. Movement in either direction necessarily means that these levels need to be overcome one at a time.
Traders should be noting that each subsequent drop since February 24th has produced less effect for the amount of effort exerted. Additionally, the amount of effort exerted overall, across those drops, has continued to diminish. These two things suggest that 1) demand is increasing and 2) supply is exhausting, which means that we should expect price to rise overall. Contrary to CT's farm animals and cartoon characters, nothing has happened yet that should convince traders that price is about to dump $2000. On the contrary, price continues to make a stronger case for a possible low point forming. However, nothing is guaranteed and traders need to remain vigilant.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
For shorter term traders, on a move up from here, initially price should expect resistance around $3770-$3835 followed by more resistance at $3880-$3945. Yes, many of the levels mentioned throughout this analysis are within $100 of each other which is close. However, traders need to understand that price has been moving sideways since the end of November which means many areas of interest have developed for traders looking to long and short. Movement in either direction necessarily means that these levels need to be overcome one at a time.
Traders should be noting that each subsequent drop since February 24th has produced less effect for the amount of effort exerted. Additionally, the amount of effort exerted overall, across those drops, has continued to diminish. These two things suggest that 1) demand is increasing and 2) supply is exhausting, which means that we should expect price to rise overall. Contrary to CT's farm animals and cartoon characters, nothing has happened yet that should convince traders that price is about to dump $2000. On the contrary, price continues to make a stronger case for a possible low point forming. However, nothing is guaranteed and traders need to remain vigilant.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
