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Bitcoins Next Support Level (Buy Zone) - When To ReBuy?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a quick update to share with you Bitcoins             next strong support level on the daily chart , the next "buy zone".

Look for these levels for potential reversal signals as well for opening a new positions (reload).

After the ascending channel that started on the 6th             February was broken, we now enter a new wave where we start to trade lower. So this ok, we will watch to see where Bitcoin             will go next and the price range below is where our next support is found.

We are likely to find strong support around the $9,577 and later $8,211 price levels. Within this range $8,200 - $9,500, based on Fibonacci levels from the bullish run from the 6th             to the 20th of February.

After we reach these levels we look for reversal signals, if these levels can't hold, we look for the next support. If the levels hold, we try and give a second run at our "strong resistance line", which is the red dotted trend line established on mid-December when Bitcoin             reached its top.

I also shared a different support level range based on the SMA & EMA price levels as well as other indicators, you can find these in my earlier posts on the "Related items" section below.

So we sell at the top of the channel, near resistance, and we buy on the next support.
As you can see from the descending channel , the price can go lower but so far Bitcoin             has been holding strong, and before going anywhere in the very low price range, Bitcoin             needs to go through the levels that I just shared.

Enjoy your day...

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Comment: Note: Please remember that we are still in a major downtrend. We did not break our strong resistance and Bitcoin is going down.

We are still on the very same descending channel we have been now for over two months. So this support level is a stop, but based on the trend we are in, after this stop, we can decline more and more.

So please allow time for Bitcoin to do its full correction, we can do quick trades based on this support, but this is not a long term analysis, this is short.

Keep the bigger picture in mind, we go down as far as we can go. We then build up from the bottom, to start a very strong and positive bull run.

Namaste.
P.S. I am a long term Bitcoin holder. So I buy Bitcoin each and every time the price is low.
Comment: Bitcoin's price bounced from $9,583, which is very close to our range ($9,577). But this will go down once more and keep on testing our supports. Let's allow time for Bitcoin to do its thing.

Here is a quick chart:
Comment: Bitcoin is clearly going down now, but it will keep on going lower.

I am waiting for the lower range of the "Buy zone" in order to open new positions. When we reach this lower buy zone, we will have two options to look for:

1) See if the price will bounce and how strong the bounce will be, in order to sell for profits.

2) See support won't hold and if it will keep on going down. To find the next support and open more positions there (buy the dips).

We can definitely look farther ahead if we want, but the next few days is enough for me, as we have the ability, time and opportunity to look at these charts daily.

Expect this new downtrend to start a while. Remember that the uptrend latest over 2 weeks.

Here is the 4h chart (you can see that we've been bouncing off the higher end of the buy in zone, the first strong support):
Comment: Bitcoin is now within our "Buy zone". We can look now for the $8,400 levels for the next strong support. I am planning on buying at this level depending on how the charts look.

If there are signals that the price will bounce from there I will open some positions. If I see signals that it is going to keep on going down then I will hold and wait for confirmation to buy more lower.

For now we can keep on watching from the sidelines while it keeps on going down.
Comment: Looks like tomorrow is going to be a tough day for Bitcoin... What's your opinion?

Comment: Bitcoin resistance and support levels for the short term (daily):

Chart:

Resistance:

- SMA50 and Downtrend line (strong resistance) around $10,660.
- EMA21 and Fib level around $9,950 - $10,020.

Support:

- SMA20 around $9,550.
- EMA200 around $8,950.
- SMA200 and Fib level around $8,400 - $8530.

Some resistance and support levels based on different tools for the daily (24 hours per candle) time frame.
Comment: We've broken one of the resistance levels, we aim for the next one now (strong resistance around $10,660).

You can use the update above to basically know where Bitcoin is headed on the short term based on what it is doing now.

If we start going down, you know the price level we are going to be testing next.
Comment: Bitcoin is now trading above our "very strong resistance" line after finding strong support yesterday around the $9,350 price level.

We are now trading above this line and closing above it will signal huge strength. We are focusing on the daily chart so we need to close the trading day above $10,550 to maintain this new trend. The downtrend that started back in mid December will be finally broken and a new uptrend established...

Here is the daily chart (red dotted line is the strong resistance):
Comment: We are once more above our "strong resistance", this is great news for Bitcoin and we need to stay above it to seal the broken downtrend. A new trend can now be confirmed, if we remain above this line, and we can move on to a new phase in this market cycle. Let's take a look at some charts...

Daily (zoomed out):

Daily chart (zoomed in):

4H chart (seeing the resistance line shortly working as support):

I will be posting a new and fully updated trade idea on Bitcoin, I hope that you enjoy it.

Thanks a lot for your support thus far.
Thanks a lot for reading this again.

I appreciate you all the way.

Remember that you are special.
Always remember that you deserve everything positive that comes your way.

And regardless of what happens, YOU DESERVE THE BEST!

Namaste.
Comment: Here I am sharing the daily chart again with two different trend lines based on two different scaling options, one is using standard linear scale (orange dotted) and the logarithmic scale (red dotted). From this second perspective, we can see that Bitcoin is still below resistance.

This does not negates Bitcoins strength in the past few days, but it does give us a wider perspective and can explain some of the market sentiment that I've not been seeing in correlation with the charts. I enjoy this additional information, thanks a lot for the suggestion. I keep on learning more every single day.

Here is the daily chart with this other perspective as well, so we are in between two very important points right now...
Comment: Bitcoin daily chart update, we are looking strong so far today:
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You asked where the next long entry point was.
Here is your answer
"Another week and another 1724 points made with this dude. Very exact entries too.
You are good but this guy is even better - at least for day traders.
Does anyone know of anyone better on Tv right now? If so, please share, like this one."
The TRUTH is out there...let's help eachother to find it

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So is that up or down then?
Clearer signals for day traders...
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I have had my levels since the start of February. Since the, I have just tweaked the intensity of their colors based on their strength.
https://kek.gg/i/88rD9w.png
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THAT'S IT... BITCOIN HAS BROKEN THROUGH THE LONGTERM RESISTANCE LINE!!!

The crypto market is no longer on a bear market. The new market cycle just started.

Time to make real money!
+3 Reply
My opinion is that this time we will not even get to the 12000.0. And even if we do, the price will go into a lateral movement until the Bitcoin Regulation Reports on G20.
https://www.tradingview.com/chart/b5ynbyR7/
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BitcoinSymphony BitcoinSymphony
+1 Reply
meeeh!
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