Bitcoin broke the horizontal support level (Unfortunately) so we need a contingency plan to protect capital. Now price is below this level there is a danger that price will retest the horizontal support zone as a new resistance. If this happens, we could get some considerable downside from here on. If price breaks up again, it will need to retest the transition zone as a support yet again to confirm that the bulls are in, and that the bears got trapped.
I personally believe scenario 1 is most likely out of the pair, just on a probability logic.
Let's see how things go from here!
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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Pretty much as predicted. It hit the horizontal support and used it as a resistance. all looking PERFECT so far.
Updated analysis posted :-)
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Well until the 5800 level gets spanked .. this is all just a really really slow start to a grind upwards from that point .. fact
ethhunter
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Thanks for the analysis tom. In your last update i said the horizontal support structure would break. When i look at this chart i only see one way, a rejection at previous support. I think BTC will move down to the 6200 level. But i just have this feeling that we will ser BTC make a 1000$ move seemingly random in the coming weekend(s).
Keep up the good work.
NicholasPrice
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Hey Tom, I completely agree. Just posting for another perspective from different exchange the screen shot is from GDAX.
SwissView
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Did you got it?
frupreneur
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Nice breakdown @TomProTrader . I however think we will be seeing deeper lows on higher timeframe. your thoughts?
Dojari
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Thanks Tom
Joeanucha
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it df going sideways again for a while.
UmairEjaz
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just draw an arrow up and down? and thats it for the TA? really as if we dont know the price would either move up or down
TomProTrader
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@UmairEjaz, No they were drawn to specific forecasted levels. And TA is forecasting.
Good try :-)
Sharky8899.
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@UmairEjaz, Bro you cant Write that. You will get banned.