BTC/USD - Bitfinex - 21/09/2017

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As commented in my previous analysis, the BTC failed to break the strong resistance consisting of the averages of 20 of the daily, of 200 in the H4 and the retraction of 61% of fibo in the region of $ 4200.

The candles on Tuesday and Wednesday closed with a lower and a higher maximum, showing that there is great possibility of this point being confirmed as a top, confirming the continuation of the bearish trend . And in this context, we can see in the coming days the price to go get the last bottom again in the $ 3000 or even break it going to get the main LTA that is very close to the average of 200 in the region of $ 2600.

Before the price reaches the last fund we have an LTA that must be observed, because the price can also come to use it as support in the region of $ 3500 and go back up. In this case, I will make my purchase if LTB and the average of 20 are breached, using the OBV LTB breach as confirmation for entry.

If this first LTA is not respected, the price can fetch the $ 3000 again by making a double bottom and resuming the bullish trend next. It would be perfect if, when arriving in this region, the graph left a hammer with shadow touching the average of 200, or made a high population, in both cases with confirmation of volume by the OBV. I will make my purchase if a similar scenario is presented.

Another possibility, which I think is less likely to happen, is the price to break the last fund and get the next support in the region of $ 1900. If it does, I'll do another analysis to evaluate the context.


What is LTA LTB and OBV? Also, do you think BTC will go lower than 3600 or will bounce back up to 3800-4000?

LTA = High trend line
LTB = Low trend line
OBV = Indicator showing the change in the volume balance.

On the price go below 3600, it is possible, but can not guess, we have to keep an eye on the chart and attentive to the points mentioned in the analysis.

Note: If you are not aware of these concepts yet, I suggest you do not operate now. First go to study the basics of technical analysis, this will make you have more tears to win and less to lose. There is a lot of free content on Youtube.

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