DLavrov

Bitcoin - The 1st Profit Target Reached! What's Next?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The buy trade, with entry level above 8300.00, reached the 1st profit target at 9000.00 resistance. The market could break this level and move higher to 9400.00 level. After that, we saw the retracement to 9000.00, which became a local support zone . The price bounces from this zone, and the price action at 9000.00 will show us the further market movement.

If the price can stay above 9000.00 support, it will be possible to see the upward movement to 10 000.00 major resistance. The 2nd profit target was placed at this zone, and the market will have good chances to bounce from this magic level. So, fixing the profit at 10 000.00 will be logical. If you missed buy opportunity based on the breakout signal above 8300.00 - it means you must wait for a new trading opportunity. You should wait for a correction movement to the important support line, levels and buy based on reversal signals, but for this, the price will have to break 9000.00 support.

If the price breaks 9000.00 support, it will be a signal confirming the downward movement, which will correct the previous strong impulse wave. The local uptrend line and the combination of Moving Averages with different periods will be the target for the correction movement. If so, you will need to search for the bouncing and buy based on the confirmed reversal signals. The estimated buying zone can be between 8600.00 and 8300.00 levels. If the market provides buy opportunities following this plan, the main profit target should be at 10 000.00 resistance zone . Stop orders for such trades should be placed below the local swing low and the lowest SMA .

We will talk about Bitcoin and other markets with more details on Monday. Follow the updates!
I will be grateful if you support this post by clicking the LIKE button. Thank you!


Comment: Hello guys! I don't know why but TV decided to post my comments only after moderation. It is very funny!
Thanks for sharing your ideas, I will comment them as soon as I will be able to do this.
Comment: The market forms a double top? Talk about it later of today! Read the Status bar for more details!
Join me in Telegram. It is FREE >>> https://t.me/dlavrov_tch

KNOWLEDGE. EXPERIENCE. TOOLS! Get for FREE! SUBSCRIBE >>> https://youtube.com/c/tradunity
Hi. I am seeking advice from many famous traders. I think that if BTC reach the last peak in 2017 before 2020 Halving, there will be possibility that the four-year cycles of BTC is likely to change to three-year. What do you think, your precious opinion is a great help to many people.

Reply
Good call, and the market is racing upwards fast. Do you see momentum slowing down? I would expect a deceleration after the 10k mark, but it appears it's still steadily trucking upwards. Would 12k ($11,600 area) be the next area of strong resistance? I see previous resistance pushing down on that level in the past, as well as a consolidation at that point when moving upwards prior to that.
+1 Reply
Must Read> Here is WHY this parabolic Movement is EVEN Stronger than in 2017!! Prepare for a new All Time High

+2 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out