BTC above first buy point The first Gate

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC above first buy point

If you follow our update analysis at TV since 16 Jan or main analysis at TG since December
you should now we right now above our buy point range from $5500 to $4600 we recommended to enter with 25 only
Targets $6250/7300

But this new chart with all Support and resistance levels, easy to follow and read breakout or breakdown and close go directly to next level.
monthly frame still Bearish also weekly frame.
so follow capital management
if btc break $5700 and close daily or weekly next stop will be at $4000/3600

the monthly frame have 2 major support at $4700 and $1350.
from this levels, we expect a bounce

Follow capital management
we ask Allah reconcile and repay
Active analysis

Comment: current 30 min frame show bounced from inside support area
btc from support area bounced about 35 % this is a good movement, but this means the bearish trend is over?
Surely not as we see weekly and monthly frame still bearish and we move under downtrend, this bounced normally, and not big deal we get down about -67% since last year about $13800 btc Lost of value so when price go up about $2000 this no mean downtrend over so be sure every movement you follow capital management .

Current movement:
After the last rebound, BTC go directly to his resistance levels at $8000/8800 and stop there, if btc breaks this levels and close above them we will see good round not for btc for real alts at the market.
many alts go fast as we mentioned before btc calm or hold alts move
so if btc break this will be a good sign for a normal and green market.

what do we expect?

we expect BTC still play in this range $5800 / 7800 for a while then break down to $4700 from this level we can see real bounced for btc or real break to $3500/2900
so Do not let the market fool you, and be sure you have free capital

when downtrend over?

if btc back above $12500/13200 at this we say yes btc go to new trend
until now all movement under the main trend and this trend is bearish
so be careful and follow capital management.
again, we just share our view for the situation, maybe we wrong maybe we are right.
we ask Allah reconcile and repay

Related Ideas

Get better bro!
+1 Reply
@HamadaMark you will be fine soon in sha Allah ! I was also waiting for something from you but as you told you were ill get well soon bro our prayers always with you :)
+1 Reply
Thanks, Dear @umairceo, for your prayers and kind words really appreciate it
lease update BTC chart bro, Share u r thoughts on BTC and conclude alts recovery phase pleaseee.....
+1 Reply
@HamadaMark Thanks for sharing your great analisis!! any updates? I'm waiting to enter the market! when should I?
+1 Reply
@HamadaMark do you still see the downtrend ? what should be a good entry for long?
Any updates?
+1 Reply
Hey Hamada nice work you are too good I am new to TA & according to my view

if we see weekly charts we can see 2 to 3 weeks of bearish trend before going up
secondly if we apply Elliot waves principle on daily charts we'll find the only one phase of 5 big waves downtrend is complete now we are in abc correction upwards & second phase of 5 down waves can get us to 3500 to 4000 area? or maybe 4700 as its a very strong support what are views about it? is my observation correct?

+1 Reply
thanks for all of your time and effort Mark, O know you are always doing your best.
+1 Reply
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