Price broke the side-wards support zone, as well as the horizontal support zone today in some dramatic downside due to a murky sense of fundamentals. Price really took a beating, and broke below the level which I said would invalidate any upside, as quoted ""2 outcomes, some up move now, which will get faded into a correction, or a down move from here, down to the support zone and then a breakout. If price breaks 7120 level, then the upside (At least for now) is invalidated."" So, well done to those who got out at 7120 when I recommended because you managed to close before the big fall came and wiped peoples profits out and induced panic across the marketplace. I mention levels for a reason, and when they're broken, then that is very bad. I will always be here to try and protect as many peoples capital as possible though... Even if I just save 1 person a year from making a calamative trading error, then my job here is done. :-)
Anyway as promised, I said if 7120 is broken, the upside is invalidated.. so here i am back again to tell everybody where price is likely to go after the fall!
As it stands, Bitcoin is trading mid-range impulsively bearish at 6420. Price looks like it is mid-wave, and needs to push down further. Only way it could negate current downside is with a huge hammer candle, but I see this as extremely likely and believe the bears and noobs will need to panic sell before we jump in and monetize on the market cynicism. Once they're done, can look for buy opportunities at the lower horizontal support zone between 6010 and 5800.
If price breaks the support zone between 6010 and 5800, then Bitcoin could be in a spot of bother, and could get as low as 4800. Of course, if this was to happen, I'd update you all along the way about levels to watch and heed.
I did want to make this analysis hours ago but my PC had a meltdown - that's fixed now and back for some action!
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE. I'd really appreciate it.
Thank you for your support.
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Price is rangebound and appears to be sidewards moving today in the majority.
Will price hammer out and go upwards, or will it go lower to the support? We will soon find out!
By the way guys, I’d really appreciate it if you see a troll/bad comment to give it a report. It means moderators will remove the comment, and the more reports a comment gets, the more likely they are to be banned and then they wont be able to harass people trying to post free content.
I don’t ask my followers for anything, and this will be the only thing I ever ask for!
Thanks for your continued support always! <3
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Price is making a nice consolidation on the 15 minute chart. An easy way of decoding current market sentiment would be to say that if price below the support consolidation @6340 then the probabilities that we're going down further are greatly increased.
Once we've cleared 6340, it could just keep going to the downside towards my support level.
When price hits my support that is NOT an indication of a buy, it's just a potential buy level. If it doesn't bounce at the support, then it's not a buy opportunity AT ALL.
Please leave a LIKE. I'd really appreciate it. :-)
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There was some rumours about Goldman Sachs trading plans that have been proven incorrect now. We’re rumours responsible for the market downside? I guess we will soon find out....
My opinion would be that despite rumours of the market bitcoin would have tumbled regardless anyway (maybe not at the speed and intensity it did) but it still would have done.
I will make a new analysis today if there’s sufficient demand for it.
Please leave a LIKE. I’d really appreciate it. :-)
@TomProTrader Thank you for all your work and the way you present all the information.
I know it must be tough for you to not look at hater's comment and feel frustrated. What people don't realize is no one knows the future, we are here trying to use tools that helps us prepare for it and take corrective actions/steps (book loss with stop-loss) when things go bad OR take timely advantage (book profits) when things go right and that's the best one can do. Even satoshi himself didn't know Bitcoin will sit at multi-billion dollar market cap.
For other analysts who think they are better than Tom or any other trader, let your work speak for yourself rather than you coming here and ridiculing Tom's or any other person's work. Wait and think for a second, if you were that good, would you be even here commenting on Tom's TA? You would be rather busy replying to other people comments on your TA. Be humble and remember there's always something to learn from everyone.
Dojari
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@montypatel, Exactly. To be fair Tom seems pretty solid and the only reason he gets ridiculed is because many newbies are just retarded AF. They don't want to work to learn this for themselves. They want to get rich following someone else and dont take any responsibility for their own possible success or failure.
It will Slice trough that area you are recomending People to buy, i will come back and tell you that you were wrong once that happen.
Hopefully you change views before you make Your fallowers lose Money.
I have a New idea too, let the games begin.
I know it must be tough for you to not look at hater's comment and feel frustrated. What people don't realize is no one knows the future, we are here trying to use tools that helps us prepare for it and take corrective actions/steps (book loss with stop-loss) when things go bad OR take timely advantage (book profits) when things go right and that's the best one can do. Even satoshi himself didn't know Bitcoin will sit at multi-billion dollar market cap.
For other analysts who think they are better than Tom or any other trader, let your work speak for yourself rather than you coming here and ridiculing Tom's or any other person's work. Wait and think for a second, if you were that good, would you be even here commenting on Tom's TA? You would be rather busy replying to other people comments on your TA. Be humble and remember there's always something to learn from everyone.