As you all will know, we keep a very close on Bitcoin , and have been posting many analysis in relation to it. If you review my previous Bitcoin analysis, you'll see we predicted the down move perfectly, and our trading plan on the pair is going exactly as planned, along with our Ripple and Ethereum analysis we posted, which are also going exactly as we intended it to. I congratulate everyone who has been following all my Bitcoin trades analysis recently, as we have made some serious profits! I'm glad to be your one stop shop for you all!
Bitcoin is currently trading at 9040 after bouncing perfectly on our side-wards support line at 7300 from our analysis (See my related for details of my original analysis) which offered the signal that Bitcoin was going to rise nicely. Price has completed the up swing we previously predicted. As it stands, there is now 2 support levels that could come into play. There is a minor consolidation support at 8270, and a horizontal support level at 7700 if the correction goes deeper.
Price is likely to continue the correction to at least the levels mentioned on this chart, and I doubt buying on the swing is very smart as the stop loss would be wide.
After the corrective move has finished, I am expecting the bulls to shove the market once again.
Bare in mind, that a retest is very good for creating a new position and even holding an old position for the long term. And I'll also be an eager buyer when it hits one of these supports and acts in line with my rules for engaging this trade.
I will update this analysis when I receive above 40 likes.
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Price is still trading side-wards after hitting my exact level that I believed we were going to have a correction.
We just need some patience now for a buy opportunity.