TradingShot
Long

BITCOIN to 10400 or 12300! Time to get greedy?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Well it is true. Both targets are possible even on a short time frame based on my latest analysis.

Yesterday we had a very favorable development on the short term price action. Bitcoin broke the 8200 4H Resistance and is now testing the 9000 level. This is the Resistance on 1D which if broken opens the way to 10400 initially. The second bullish development was last week when the price rebounded on the 7460 support while also holding on the Higher High of the previous Channel Up which turned into a Higher Low. This Channel is now the accumulation zone (buy every time the price crosses into it).

Those two actions have solidified a strong foundation for the next bullish move. The 10400 target follows the 14 day duration pattern between the previous two peaks and yesterday's top.

If however BTC follows the more aggressive move (+65%) of the last time the price bounced on the Higher High of a former Channel Up (this Channel is illustrated in dashed lines and I couldn't squeeze it on the chart so scroll to the left), then we can even see 12300!

Maybe too early to call but I am only following the short/ medium term patterns at hand.

Time to get greedy? Let me know if you agree in the comments section!!


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Comments

I have possible buy back range for you guys that wish to join the rallya. Do check it out

+1 Reply
@weslad, Thanks wes
Reply
Great chart.. looks like we are heading to 20K at the end of 2019
+1 Reply
TradingShot WhaleAgents
@WhaleAgents, Thanks for sharing!
Reply
Too late. Crypto greed index is currently at 80, an all-time high. Rated as "extreme greed." https://alternative.me/crypto/fear-and-greed-index/#fng-history
+1 Reply
@dalmazio, Indeed. However the price is still rising.
Reply
dalmazio TradingShot
@TradingShot, it sure is. The question is: for how long?
Reply
Here's how I see it. BTCUSD H4 Running Flat In Wave X.
+1 Reply
@Boon2, Interesting application of EW!
Reply
Boon2 TradingShot
@TradingShot, Cheers, I use indicators to give me the waves along with price action, its a hell of a lot more reliable and tradable than the traditional way most count which in my opinion is totally untradable and pretty much useless as the EW rules are often broken.
Reply
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