Context: As I said in my previous Bitcoin TA that went exactly as expected, the Bitcoin price is ranging upward. In this chart, this range is defined by the green range zone. After the pump that I anticipated in my last TA, price is consolidating.
Opportunity: After this short consolidation I believe that the price is going to pump to the $6870 resistance before it will pull back to the bottom of the range. This resistance is confirmed by several elements that are appearing on the chart: 1) The 68.20% fib level from the most recent Bitcoin pump that happened at the end of July, 2) The resistance on the RSI that is corroborating the recent movements of the Bitcoin's price, 3) The same kind of resistance is present on the OBV indicator.
Confirmation: Very short term LONG position: This position is effective now, but be careful (do not forget your stop-loss). Short term SHORT position: This position will be confirmed when the price of the Bitcoin will reach the resistance at $6870 and that the MACD Signal line will cross the MACD Line downward. We will as well see the RSI and the OBV react as anticipated.
Invalidation: Very short term LONG position: This position will be invalidated if MACD cross happens before any pump and that would confirm that a downtrend is created. Short term SHORT position: This position will be invalidated if the price goes over the 68.20% fib level and CLOSE over it. Even if the 1'st position is invalidated, I think that this SHORT position will still be tradable.
Order cancelled
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Position 1 invalidated, we are heading down to the 5800 zone
Trade active
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Position 2 confirmed
Comment
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Position 2 will be took when the price will reach and bounce off the resistance
Nice range, but similar to the one we have seen a some weeks ago. Watch out for a big drop possibly coming this week... Sending regards !
Investogroup
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Our technical analysis shows that Bitcoin price is more likely to drop to 5800/6000 level than to move up, Stochastic, SMA20 and Fibonacci levels along with volume/price action of these past two days show weakness
leohanson2018
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This video is very helpful! As a beginner in this niche, I can say that I am doing well because of Spectro Indicator.. It’s legit and you should go and look it up.