BTC/USD Technical Analysis
Time Frame: 2H and 1D
Chart Pattern:
Wyckoff Method and Pattern (2H and 30min Time Frame). It is observed that the price action from December 4 up to now is following the Wyckoff method and pattern. Now we are at the Phase C. If this pattern governs the chart, price will enter the Phase D and will start to rebound at the range of $40K, will retest at $51K and will keep moving up if it enters the Phase E.
Elliot Wave (1D Time Frame): Based on the drawn chart, price action is now at finished Elliot Wave Chart. Price touches the point D today. “If” the price bounces up after touching the point D and breaks the significant resistance of $51,500, a bull run can be expected
$40,000 strong support – if the price breaks this support, we are eyeing for the price to have a downtrend going to $30,000 strong support, and market will experience bear again (which I think it will not happen this time).
Indicators:
MACD (Bullish) – Breakthrough happened last Dec 19 where MACD crosses over the Signal line. There is an attempt of MACD crossing towards signal line last Dec 31 but it failed. MACD indicator have a bullish trend but needs to wait to cross over the center line first.
Moving Average (Bearish) – MA1 is making a sideways movement with MA2. Strong MA3 is over the MA1 and MA2
RSI (Neutral) – last Dec 10, the price failed to break the oversold area. From the Dec 10 up to now, trend is going down. If the trend enters the oversold area by next week, bullish price trend might happen.
Recommended Safe Entry - $54,000.00
Time Frame: 2H and 1D
Chart Pattern:
Wyckoff Method and Pattern (2H and 30min Time Frame). It is observed that the price action from December 4 up to now is following the Wyckoff method and pattern. Now we are at the Phase C. If this pattern governs the chart, price will enter the Phase D and will start to rebound at the range of $40K, will retest at $51K and will keep moving up if it enters the Phase E.
Elliot Wave (1D Time Frame): Based on the drawn chart, price action is now at finished Elliot Wave Chart. Price touches the point D today. “If” the price bounces up after touching the point D and breaks the significant resistance of $51,500, a bull run can be expected
$40,000 strong support – if the price breaks this support, we are eyeing for the price to have a downtrend going to $30,000 strong support, and market will experience bear again (which I think it will not happen this time).
Indicators:
MACD (Bullish) – Breakthrough happened last Dec 19 where MACD crosses over the Signal line. There is an attempt of MACD crossing towards signal line last Dec 31 but it failed. MACD indicator have a bullish trend but needs to wait to cross over the center line first.
Moving Average (Bearish) – MA1 is making a sideways movement with MA2. Strong MA3 is over the MA1 and MA2
RSI (Neutral) – last Dec 10, the price failed to break the oversold area. From the Dec 10 up to now, trend is going down. If the trend enters the oversold area by next week, bullish price trend might happen.
Recommended Safe Entry - $54,000.00