Bitcoin is trading harshly against the resistance outlined on my previous analysis (See related ideas below for more information regarding this). This is great news for Bitcoin! To be trading against such a huge resistance shows the bulls are eager to see the back of this resistance altogether as it sabotages all uptrend possibilities! Price is currently trading at the peak of the resistance zone, and is trading right at the 200 moving average resistance at 6760.
Despite the promising starts of this... Price still needs to break the resistance AND retest it as a new support before a new buy opportunity arises. Just because something is strong in the moment it doesn't mean s***! People see a down day and then a sudden pump (Sometimes not even compensating the days down day) and then call the moon, which always makes me laugh at my PC. A up day in a down trend means NOTHING without being a seriously good trader, where you can then identify the up trend for what is actually is.
Wait for a break of the resistance zone and a retest at or around 6730 and then you have the buy. Buying now is like eating like a bird and pooping like an elephant. Don't do it unless you're scalping... Even then, only do this id you're VERY experienced. Scalping without the mind will leave the mind behind, as well as your portfolio.
Where do YOU think price is headed? Leave a comment below with a chart below and let's share our thoughts!
Thank you for your support.
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Price still remains strong despite a long trading day. Price is right at the top of the resistance zone right now and continues to hold its ground strongly!
I am expecting a correction soon enough and some downside which would be very good for a new buy.
Another approach is to wait even more and let price break above the resistance zone and then buy on the support retest.
I learnt a new proverb today! Thanks for the analysis.
I'm struggling with the fact that the waves we've been seeing in the epic 9 month falling wedge appear to have $6.7/$6.8 as the top of this current cycle. However there is no time for another cycle and we are going to either break up out the wedge or down. But to break up out the wedge we need to go past 7.5k. So 7k seems like no-mans land to me.
One clue is there is apparently a 11.5k sized short on bitmex (placed at $7.4) which if closed could result in the spot price of btc up 1K in an instant. This could mean we violently erupt from 6.9x to 7.0x up to 8k bypassing nomans land, out the wedge and in to the next phase. I'd be interested in your thoughts. This chart might help explain my thinking as I doubt I'm being as clear as I could be:
I really hate it when people post their charts on my chart and i appreciate that you don't do so, but you're famous and i think i will have more people viewing my chart here..
I'll try to keep in topic and related to your idea. ok?
Okay..