BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Knowing resistance levels sometimes becomes support, we can can see they are mapped out above.

Analysis suggest price will rise in short-term and return to levels around $2800. However given the level of fomo, market setiment that BTC is out of the deep water, coupled with the speed at which the oppourtnity to buy BTC at $2900-$3100 vanished, i personally doubt we will make it back down to that level. That said $3200-$3400 range is a possibility.

Any tips or suggestions is much appriciated as i am a relative noob in comparison to soe of the more seasoned Vets here.

Cheers
Thank you for sharing your analysis. It is very well presented. Agree with your wave labels to recent high being wave (5) on your charts. I understand that you are expecting a zigzag retracement which very common type of correction. However, your wave (A) has 3 swings, and Wave (B) do no retrace 90% hence it is not a flat type of correction ie 3-3-5 structure. So personally I would label it as (w), (x) and (Y) which will form double zigzag but still similar conclusion. So well done.
Reply
I could be wrong in my labels but at present I am following the counts on my charts and if correct then we have major wave top in place and we are in wave which I am showing as zigzag too, but it could change into triangle so will be willing to adjust. However, the thrust of this is that wave is to follow. Alternatively we might have a major 5 wave cycle complete. Further price data will help confirm which of the 2 outcome I have described will develop.
Reply
I agree with you that we would probably not go to that level again, or if we do we won't go further. Just look at the massive buy volume at the dip... they want our bitcoins!
Reply
@snakeat3r, most definitely snakeater lots of folks happy to hungrily snap up BTC @ $3000... the sooner we get down there though, the sooner we can go to new ATHs!!
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