TiborVrbovsky

Bitcoin is Awaiting Major Price Action!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey! I am back with another Idea this time looking again at Bitcoin .

Bitcoin is by now almost a month in a selling wave, which has failed to break by finding the same resistance twice in a row, which has started current key downtrend.

Current key downtrend is the primary thing to watch. Currently Bitcoin is testing the support area and I think, this may be a good spot to break the key downtrend.

If the key downtrend gets broken, quick climb to resistance area (10,800 to 11,360) is very likely, where I suggests to take some profit from Bitcoin and play a little bit with alt coins, before any other move occurs.

But, there is still downtrend support, which if broken, can do the opposite and fall to lower support area(7600 to 8180) , which is necessary to hold if Bitcoin wants to remain in uptrend longer time frame.
Its hard to tell what will happen there, next analysis will tell for sure.

As long as Bitcoin is not below 7,600$ for a longer period of time, the trend should point up.

All other important things worth mentioned are described in the chart.

That would be all from me this time, if you agree with my idea, do not hesitate to leave that agree button blue.

Thanks and good luck trading!

Vrbovský
Comment: Thanks for the positive feedback, here is a appreciation from my side, 1h update.

9,540$ is current resistance level, 9,450$ support.
Looks like uptrend is still active, but it was almost broken.
Two strong downtrend in ahead of Bitcoin, major price action can be seen when both downtrends are broken.
Comment:
4H timeframe says that key resistance level is 9,640$, which I agree with.
Also looks like one uptrend was broken, and one is still active.
RSI shows an uptrend, but 43 - 46 is a really strong resistance area, which when broken, good price action up can be seen.
Will keep you updated.
Comment:
15 min update for those who likes to keep a closer look on Bitcoin, people like me.

Still hovering in area between 9440 and 9550$.
Its very important to identify proper trends, so can you benefit from their breaks.
Candles overall looks more bullish, than bearish.
Comment:
Mobile update.
4H again to test resistance level.
Price is still hovering in the same price range, ussually when price is in one zone, moving sideways, price action is expected.
Both downtrends still active.
Trade closed: target reached: Analysis did well!
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