VaidoVeek
Long

BITCOIN Analysis - Do We See a Small Bounce?!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Previous analysis scenarios have played out nicely - the price got a break below the counter-trendline and as expected, the price has slowly decreased the value.

From a technical perspective, BTC price is still above the down trendlines and currently, it is on the major down trendline pulled from 29. November. It should act as pretty strong support and actually, it has proven it already - several bounces upwards but those are small bounces and to make a bigger bounce upwards we need support from altcoins.

From the price structure wise it has still nice and clear higher highs and higher lows which all indicate that the mid-term trend should be upwards but recently is common on the crypto market that everything happens in slow motion.

Currently, the price is still on the potential bounce area:
1. It is on the trendline which acts as a support
2. Fibonacci golden ratio of 62%
3. Old resistances becomes support levels
4. Market structure is on the bullish side with higher highs and higher lows since the beginning of the February

Very nice criteria which all might indicate that we could see a bounce upwards. Now, we need a little bit of support from altcoins and the move upwards should start. Can't promise wide/high movements because as said everything happens in the slow motion but technically it should be okay spot to start another wave upwards.

Another wave downwards may start after we have seen at least 4H candle close below the black trendline - a little bit deeper close, let's say a close below $3,655 (red box is the confirmation area)

SUMMARY: I wait for a small bounce upwards but I'm ready to change my bias IF the price drops inside the red box and if the 4H or 1H candle closes there or below of it.


Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!

Have a nice day!
Cheers!


*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!

Mar 05
Comment: As expected we got a bounce from the mentioned level and BTC price have made first steps upwards. To hold that momentum and that movement then altcoins should react more aggressively. Currently, they are on the plus side but it has to be a bit bigger.
At the moment everything goes as I had planned and let's see how the market reacts!
Please, take a second and support my idea post!
All the best!
Mar 05
Comment: Perfect, everything goes as I have planned. We got a nice bounce from the mentioned area, we got support from altcoins and at the moment the price has made first steps upwards into the first target area - around $3,850!
Mar 06
Comment: Yesterday we reached into the major target area - $3,850
If we look at the Daily chart then the yesterday's candle close was really promising which will be a sign that today we could see a continuation move upwards, candle close was higher than on the consolidation period.
Again we have to watch altcoins, they are also starting to line up (some of them are on the plus side some of them are on the minus side).
Need to collect more data on this level and I try to keep You updated!
Thank You very much for the support, it means a lot to me!
All the best!
Mar 07
Comment: Be ready, we might see a correction downwards!
Currently, we have a bearish chart pattern called Rising Wedge and at the moment the price trying to make a breakout from lower trendline. If it gets confirmed then there is a higher chance that we go a bit lower into the old consolidation area $3,750-$3,800.
This is just an alert that You have to be cautious. As said yesterday, Tuesday's candle was promising to make another wave upwards so, let's see do this move is just a small throwback and we get a bounce sooner than we could expect.
Mar 08
Comment: New BTC analysis:
Have a nice weekend!
BTC - guess where is the safe BUY level.
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We are inside of an abc corrective up within a big ABC on his way to the bottom of the triangle. Meanwhile I’m trying to trade the reverse points.
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Well done VaidoVeek! You saw that coming like a pro! If we drop lower from here I am going to buy more near 3500. The long term bullish signals are just too many. According to some similarities of the RSI and MACD with 2015 however we are still on the best long term buy levels. I am not willing to miss that opportunity.

+3 Reply
Congratulations! It was a perfect analysis.
+2 Reply
VaidoVeek David_Starsky
@David_Starsky, thank You very much!!
Reply
Very nice! WHat do you thnk will be next after this target? Got out at 3840
+1 Reply
VaidoVeek Wenlambo
@Wenlambo, Perfect and thank You!
Can't predict any further than that because I need more data. Possibly a consolidation but the next move upwards should get confirmed after a 4H candle close above $3,860!
All the best!
Reply
Thanks a ton for your contribution. Check my post on how I see my EW count taking BTC to wave 3, our potential retrace to 786 fibonacci before that and then maybe a final move near $4800:
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VaidoVeek Cryptosomniac
@Cryptosomniac, thank You for sharing!
Reply
had a similar thought and went long at 3690
+1 Reply
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