octradr

Bitcoin getting ready to test key level!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             is going through a major correction stage and has plummeted from nearly 20,000 to below 6,000. Even though it has made up some lost ground this month, I am still hesitant to say it is going to keep moving up.

Lets break it down!
It is still almost 50% off its highs.
It just broke out of the downtrend resistance line (red dashed line) but approaching a major resistance level of around 11,630.
9,324 is a good short-term support for this short-term bull rush. If this support fails all bets are off!
5,873 is the bottom of the last Bear fall.

What it means!
A close above 11,630 may indicate that the bears are in FULL control.
A close below 9,324 may indicate another Bear fall to 5,873 or lower.

Is it worth it!
With it currently hovering around 11,000 it is about 630 points away from meeting major resistance. MATH TIME!!!
Assuming it will get to resistance 630/11000 is roughly 5.7% gain. Once it gets there who knows if it will break through or not. If you do then definitely let me know.
Assuming it retracts back down to its short-term support at 9,324 then 1676 loss/11000 is roughly 15.2% loss. If it gets to this zone then who knows if it will continue the long-term downtrend to 5,873 and lower or keep in the consolidation zone between 9,324 and 11,630. Again please let me know if you do.
This puts the risk at 3 times greater than the reward! The choice is yours. Shorter term charts like the hourly may help minimize this risk but caution is always implied.

Feedback is always welcome. 3/1
Comment: The previous high on 2/20 was 11,775. A higher high will give confirmation to this bullish push. 3/5
Comment: Dropped as soon as it closed in on the resistance line. How long will this consolidation last? 3/6 2:06
Comment: Closing in on short-term support of 9,324 with resistance at 10,000. 3/8 9:54
Comment: Short-term support was breached! It rebounded quickly and has been testing and retesting this zone. Currently it is showing some signs of bullishness but too soon to tell. 10,000 is still the short-term resistance zone. 3/8 4:11
Good analysis. Thanks for posting...
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A Bear got my keypad during this analysis. It was meant to state that a close above 11,630 would indicate that the BULLS are in control. Thank you @rickpruneda
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Just to clarify, did you mean to say "A close above 11,630 may indicate that the BULLS (not bears) are in FULL control" ??
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octradr rickpruneda
@rickpruneda, Indeed yes
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