BillCharison

$BITCOIN, Are Bulls Strong Enough?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
First of all, let's find the zone of "uncertainty", the zone of bulls and bears confrontation. This zone is located in the range of $10260 and $10435. It is very difficult to understand who is leading there, bears or bulls. However, we can see that bears keep the price below the $10435 level which tells us that they still have strength. More likely, bulls were strong at the beginning of the upward movement, but now bears try to take control. If we base our analysis on the classical rules, we would understand that by the end of this battle, bulls will win. Why? Every new dump has ended higher and higher.

In case of resistance $10435 will be broken, the price would fly upward to the next resistance which is located at the $10700 level and then to $11000 - $11500. But in case the price will fix below the $10260, the probability of dump will increase up to 79%, which is quite high. Then the local low level will be updated and after breaking through the support at $9900 - $9700, the price can fall to $9200 - $9300.

But let's try to predict who will win in this battle. We can see strong purchases from the $10390 level, but it seems like the part of the market is now just waiting until the end and then will just support the winner. I think that the priority is LONG now, just because the one is well-founded. The period when the price was kept below the resistance looks like accumulation before the pump.
Trade closed: target reached: The idea worked out just as we predicted, LONG had more arguments, wrote about it above. The price reached $10700 resistance zone. Moreover, the price fixed above this resistance, which is a bullish sign. If you are not in LONG - you can start gaining one in the range of $10500 - $10700. However, in case the price fix below $10500, the priority will be chanced to SHORT, so now you know where to put stop loss.

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Great analysis! How did you find out earlier that the resistance would be at 10700?
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ferGOD ferGOD
Elliott Wave Double Three Combination
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Great Analysis Man
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Isn't this a perfect catch?
Take a look, this is the one from the 15th of August I just mentioned in my last comment...

What's your take on the results?



Namaste.
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See here, we spotted the jump a while back, since Mid August:
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Good job, it reach the projected area of $10,700. Now, do you think it goes down from here????? Thanks
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Great analysis! An altcoin point of view

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