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 analysis as of recent times, as you would have been in the right direction of the market every time. I am glad to be able to be a one stop shop for you guys and show you the true market conditions in my analysis!
Bitcoin is currently trading at 7730 after a considerable free fall after a peak on 14th March at 9480 showed us a shooting star signal at resistance, giving the signal that Bitcoin was going to drop hard. Price is currently halfway into the corrective leg we previously predicted. As it stands, there is 2 support levels that can now come into play. We have a support at 7360, which is the long term side-wards support, and finally we have the horizontal support zone, which is at Bitcoins previous major low, at 6690.
Price is likely to continue the correction to at least the levels mentioned on this chart, and I doubt buying before then is an intelligent idea at all.
After the corrective move has finished, I am expecting the bulls to be buying in large quantity.
I regularly get asked this question "Why would intelligent bulls ever, ever let price get so despondent before taking a buy position?" The reason is simple. Bitcoin is an asset that is so volatile, that intelligent bulls know that buying at the lows is the only intelligent option as to avert as much risk as possible by only taking the major lows. Anyone buying out of trend or out of play, is simply is not a good trader, and are taking severe risks unnecessary, due entirely to lack of patience.
Have you ever noticed Bitcoin trends so well, then the first sign of bears there's a HUGE selloff? This goes back to the above, it's the intelligent "whale bears" closing out their positions quickly, as to not get stuck with a volatile asset. Remember always: Cut your losses short, and let your profits run.
Bare in mind, that a retest is very good for creating a new position. 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.
Comment
⋅
Hi traders,
This plan went EXACTLY as predicted. So congratulations to everyone who followed my analysis.
There's never a such thing as credit in hindsight, so be weary of traders who've now suddenly predicted the up move when it actually already moved.
Once againI'm happy to be your guys one stop shp and lead you to good profits! :-) I will be posting a further Bitcoin analysis shortly- stay tuned!
Hello Tom,
Do you recommend buying now? You think correction is over?
Thank you
Danielkh
⋅
@TomProTrader , I can see a descending triangle forming on the 15 min chart which is a bearish pattern, am i right?
What sign to look for that price has reversed and an uptrend resumed?
I might be asking too much lately, but i am working hard to learn the main basics of trading!
Thank you so much for the support
alexandernacho
⋅
@Danielkh, you can read, right? "Price is likely to continue the correction to at least the levels mentioned on this chart, and I doubt buying before then is an intelligent idea at all."
Danielkh
⋅
@alexandernacho, I can read! but target might not 100% be reached sometimes or am I mistaken? i am new to trading and trying to learn...would prefer a more valuable comment that can help me and other new traders....Thank you anyway!
alexandernacho
⋅
@Danielkh, I am sorry. Didn't see your second comment. I am not experienced at all so I hope someone can give you indeed a more valuable answer!
TomProTrader
⋅
@Danielkh, We're approaching some good buy areas. I will update the analysis we it plays out. :-)
Danielkh
⋅
@TomProTrader, hello Tom. Hope all is well.
What do we call the current price action in BTC now, is it a bullish flag forming on the 30 min chart?
Or it seems we hit a major resistance point as volume start decreasing?
I can see LTC and XRP also forming the same pattern?
Thank you
DCardinal
⋅
$6500 wow, that's really low indeed. There is a possibility it could go lower - DC
TomProTrader
⋅
@DCardinal, It can indeed. As per my zone, could hit 5890.
If this zone breaks, 4.4 is up next.
BitcoinSector
⋅
"I will update this analysis when I receive above 40 likes."
Do you recommend buying now? You think correction is over?
Thank you