BTC – Quo vadis Bitcoin?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Traders!

As there is a lot of uncertainty these days, we might have one positive info for you!
There is a very little chance of going far deeper. Of course, we take into account going to $5800 or even $5500 for a couple of hours but we don’t expect large discounts on BTC from that level of price.
We hope SEC finally grant at least one organization certificate to operate first, fully legal ETFs on Bitcoin . This will be a turning point. From this point, we will enter the new era of BTC . We expect a flood of institutional money then. So keep your head up and hope for the best but expect the worst.

Let’s take a look at the chart.

On the daily chart , we are still under TenkanSen or on the verge of it. This is not enough. We need a solid signal/green bar breaking up the red line (TenkanSen). So stay cool and vigilant. The right time will come.

On MACD we are still looking for MACD bull’s cross. BE PATIENT.

Weis Volume Wave – unfortunately, there is almost no sign of demand and still not enough info about supply. Again we have to wait until the supply decreases and demand will show up.

Look now at the second chart.
We present there Visible Range. Since the end of 2017, the “fair price” was established at around $8100. This will be our first target to break. As we can see Volume Area (blue lines) are between $6000 and $1000. We are currently at the bottom. Once $8100 broken we should be heading $10000.

Once again we recall you that we have massive support zone . It is marked as a red rectangle .
It spreads between $5400 - $6700. This was defended many times. We made the fundamental analysis about that. You can check it by clicking down below – “We will tell you why BTC will not go lower than 5800/”

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WBM Team
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Hi! Great job! Which indicator You used to have blue lines(5800&10500)?
WBM_Team proton8
@proton8, thanks! VPVR - Visible Range
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