It has been a busy weekend on my end hence I did not post any new analysis/update any of my existing content, for that reason I want to post a new analysis with my updated thoughts as my previous primary analysis went against what I had predicted, so I will try again and hopefully and attempt to gage the market condition properly this time. Bitcoin has had some great pumping which was done in such a way where it was so subtle that it looked fake, but it indeed pumped! I was almost taken by surprise actually. Obviously no short position was taken due to the pump earlier in the weekend, and no long was taken either as I was not sure if the pump was legitimate due to Bitcoin's technical position in the trend. So, no loss, but no gain either. I did however buy a few altcoins over the weekend which are now all running into profit which compensates for missing the move I suppose :-).
Bitcoin is trading at 6597 as we speak, which directly coincides with a resistance zone that has had an affect on price since the 20th June. If price breaks above the resistance zone, more specifically the actually monthly high at 6844, it'll be the highest prices seen in over a month and this is great news for the coin. Naturally, if price breaks the resistance zone we don't want to just jump in. Let's wait for a retest of the resistance zone to be retested as a support before jumping in. This is so that we are not buying on an overextended pump leg where the stop loss would have to be huge already, also a retest on the resistance zone turned support would prove that the pump was legitimate and the bull run also has some longevity to it, which fake runs usually lack.
An alternative scenario is that the pump pauses at the horizontal resistance zone mentioned. It corrects to the side-wards support line of the triangle found at 6480 or the bottom boundary of the triangle at 6240, or lowest pullback could be the horizontal support zone at 5790 before going up once again. I see a retest at approximately 6480 or 6240 as ore logical and I doubt we'll see the horizontal support at 5790 again for a while.
Where do YOU think price is headed? Feel free to leave a chart and comment in the comments section so we can share our thoughts!
I will update this analysis as Bitcoins moves progress.
Please leave a LIKE and FOLLOW, I'd really appreciate it. :-)
Thank you for your support.
Bitcoin is trading at 6597 as we speak, which directly coincides with a resistance zone that has had an affect on price since the 20th June. If price breaks above the resistance zone, more specifically the actually monthly high at 6844, it'll be the highest prices seen in over a month and this is great news for the coin. Naturally, if price breaks the resistance zone we don't want to just jump in. Let's wait for a retest of the resistance zone to be retested as a support before jumping in. This is so that we are not buying on an overextended pump leg where the stop loss would have to be huge already, also a retest on the resistance zone turned support would prove that the pump was legitimate and the bull run also has some longevity to it, which fake runs usually lack.
An alternative scenario is that the pump pauses at the horizontal resistance zone mentioned. It corrects to the side-wards support line of the triangle found at 6480 or the bottom boundary of the triangle at 6240, or lowest pullback could be the horizontal support zone at 5790 before going up once again. I see a retest at approximately 6480 or 6240 as ore logical and I doubt we'll see the horizontal support at 5790 again for a while.
Where do YOU think price is headed? Feel free to leave a chart and comment in the comments section so we can share our thoughts!
I will update this analysis as Bitcoins moves progress.
Please leave a LIKE and FOLLOW, I'd really appreciate it. :-)
Thank you for your support.
Comment:
To best determine price action at this level, let's go into a realtime timeframe so we can be ready to see exactly where the bears s**t in the buckwheat.
On the hourly chart, price has well immersed itself in the resistance zone, and appears to be showing weakness.
On the hourly, the candlesticks are supporting on the 20 moving average for the time being but there is not much compelling bullish force there otherwise. The best thing to do is wait and wait for price to give us the exact time to get into the trade.
On the hourly chart, price has well immersed itself in the resistance zone, and appears to be showing weakness.
On the hourly, the candlesticks are supporting on the 20 moving average for the time being but there is not much compelling bullish force there otherwise. The best thing to do is wait and wait for price to give us the exact time to get into the trade.
Comment:
Bitcoin has just had a huge pump!
Price stayed above the 20 moving average and continued to use it as support, so this move was able to shove the market! It's great that price held above the 20 moving average and break above the long term resistance zone!
I am glad to once again be your one stop for consistently accurate and profitable Cryptocurrency analysis.
I will be updating this idea with trading opportunities if I find time.
Leave a LIKE and FOLLOW. I'd really appreciate it! :-)
Price stayed above the 20 moving average and continued to use it as support, so this move was able to shove the market! It's great that price held above the 20 moving average and break above the long term resistance zone!
I am glad to once again be your one stop for consistently accurate and profitable Cryptocurrency analysis.
I will be updating this idea with trading opportunities if I find time.
Leave a LIKE and FOLLOW. I'd really appreciate it! :-)
Comment:
Bitcoin is nicely holding it's own near the 7400 level since the breakout earlier on today, and the bulls are being pushy and continuing to try and push even higher!
Price needs to correct soon so that people can jump in the action! Can't buy in now, as the stop loss would be way too wide for a proper trade.
My scenario is playing out perfectly right now!
Leave a LIKE. This motivates me to create and update all my content. :-)
Price needs to correct soon so that people can jump in the action! Can't buy in now, as the stop loss would be way too wide for a proper trade.
My scenario is playing out perfectly right now!
Leave a LIKE. This motivates me to create and update all my content. :-)
We need to keep watching price at this level to see what it will do next. If price corrects out of the zone it will either make a correction towards the triangular structure on my primary chart, or, or will simply do a retest of the triangle and use it as a launch pad to break out of the resistance zone again.
Let's watch price action carefully now and see if it's correcting, or breaking out later.
Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
Thank you for your support.