There is a very interesting trading opportunity in Bitcoin right now. This was not something I would have necessarily said yesterday, until I saw the last 2 12 hour candles, clearly showing indecision at the resistance zone, whilst finding a brand new support on the 20 moving average which confirms that the short term up trend is UP, whether you like or not, it's a technical fact UNTIL the 20 moving average is broken as a support. Until then, its up short term. If price negates 6360 level, in the form of a 12 hourly candle closing below it, then this is a possible opportunity to SELL. If price continues in this fashion without downside, then we should wait for a break above 6590 where there appears to be a strong possibility that price will get some upside.
For the upside, however, there is far more obstacles than the sell signal outlined. To begin with, the horizontal resistance zone is effecting price severely as is. As well as these, there is the 50 and 200 major moving average which are keeping price to the downside also. Price would have to break ALL of these for a bullish move, however by doing so, the buy opportunity will be a breakout move and will be a very high probability success trade!
Conclusion: Above 6590 look for a buy, below 6360, sell. Easy.
Where do YOU think price is heading? Leave a chart in the comment section and let us all share our thoughts!
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Strong downfall at the clearly defined juncture zone today. Personally I hoped for the upside but can’t catch them all... :-)
Posting a new analysis in an hour or so if enough attention warrants it.
Please leave a LIKE and FOLLOW. I’d really appreciate it.
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New analysis posted, with new support levels and expectations. see below!
Tom nice catch on the measured moving falling from the rising wedge. I've seen the same thing. No need to keep throwing up new charts. I'm 80% certain this how it plays out
I trade on Bittrex exclusively and I'm noticing something I have not seen since January. 75% of the alt coins are up anywhere from 7-120% and holding their gains. Even the drop of bitcoin this morning did nothing to affect the alt/btc price. Could be a correction after many months, or something larger. Bought .25BTC of TIX @ 2100 sats, price now stands at 3450 sats.
BTC_SA
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I'm interested in the importance you place on the 20MA. I don't even think it's important enough to be on a chart. For two months the price pretty much ignored the 20MA. Yet one wick gets close to it, which is mathematically bound to happen now and again because the paths have to cross, and it's suddenly important.
Sharky8899.
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@BTC_SA,
Bro we dont care about Your feelings. We care about making Money.
BTC_SA
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@Sharky8899., I'm not your bro. If I was I might have some idea about what you're trying to say.