Sometimes to get a better perspective of things, we must simply change the way we look at them. Most of my recent Bitcoin analysis have been on shorter time frames to try and gage the market move and best decide how to trade the swing at hand. In this analysis I will be looking into the daily chart, and getting a larger perspective of price action to make sure I am seeing the right things happening. My previous cycle idea is flailing at the moment and could possibly fail. Oh well, who cares, I'm not here to be right. I simply went back to the drawing board and found a better way to approach this and now my perseverance and patience will likely result in profit, so everyones a winner. There is 2 investments you should never regret. The first is no investment at all, and the second is the investment of time.
I had someone earlier message me and say "TomProTrader, why do you always change your support and resistance levels on your charts?" After I stopped laughing, I said, "The same reason you look left and right when you crossed the road today, just because the road was clear when you crossed yesterday, it does not mean you will cross it today and not get hit by a truck." My point here guys, is you should always reanalyze a situation after analyzing it the first time. If you don't reanalyze a situation, the variables will change right under your nose and your portfolio could be the next thing getting hit by a truck.
Onto the analysis, Bitcoin is trading just around the 8100 handle and looks like it's hit a top for the time being. If price fails to follow my cycle idea, then price may correct further as per this chart. If price goes below 8030 and CLOSES there with a 12 hour candle, then I expect the cycle plan to be invalidated for the time being. I would expect price to correct lower now, likely hitting first target of 7790, which also coincides with the side-wards support/resistance transition line before a new up move begins to as potential upside target of 9300. Just because price bounces off of the support, this does NOT mean it will bounce straight to target, this could take some time so bear this in mind whilst executing the trade.
As earlier mentioned 8030 is a level of interest for short term bull sentiment. If price bounces on or around this level it could be a good place to buy a short term long. If it breaks below, invalidates cycle idea, and expecting a deeper correction. Look left and right when crossing those roads!!
Where do you think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
I had someone earlier message me and say "TomProTrader, why do you always change your support and resistance levels on your charts?" After I stopped laughing, I said, "The same reason you look left and right when you crossed the road today, just because the road was clear when you crossed yesterday, it does not mean you will cross it today and not get hit by a truck." My point here guys, is you should always reanalyze a situation after analyzing it the first time. If you don't reanalyze a situation, the variables will change right under your nose and your portfolio could be the next thing getting hit by a truck.
Onto the analysis, Bitcoin is trading just around the 8100 handle and looks like it's hit a top for the time being. If price fails to follow my cycle idea, then price may correct further as per this chart. If price goes below 8030 and CLOSES there with a 12 hour candle, then I expect the cycle plan to be invalidated for the time being. I would expect price to correct lower now, likely hitting first target of 7790, which also coincides with the side-wards support/resistance transition line before a new up move begins to as potential upside target of 9300. Just because price bounces off of the support, this does NOT mean it will bounce straight to target, this could take some time so bear this in mind whilst executing the trade.
As earlier mentioned 8030 is a level of interest for short term bull sentiment. If price bounces on or around this level it could be a good place to buy a short term long. If it breaks below, invalidates cycle idea, and expecting a deeper correction. Look left and right when crossing those roads!!
Where do you think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Price is finding support at the side-wards support line/local structure support between 7520 and 7770. IF this level holds then this will act as the primary support for the new move up.
If price breaks below the support zone, then it could drop as low as 7080. At the moment though it's holding at the above support so this is my bias for now.
I will continue to update my analysis as it plays out if it receives enough attention.
Please leave a like. I'd really appreciate it. :-)
Thank you for your support.