BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Whats up traders,

Here we have BTC/USD on the 4H chart.

Price recently broke a long term side-wards resistance structure at around 13600. Moving forward, price continued to upside.

At this present moment, it appears BTC/USD is losing steam after the breakout of structure, and it looks like BTc/USD is having a correction move to the downside.

I am expecting price to correct and retest the previous side-wards resistance as a new support and a new up move to ensue. However, if price fails at the sideways support line, there could be a steeper price correction to the previous support zone . (between 11000 and 11900)

There was lots of demand in my private inbox and comments for my to update my BTC/USD analysis, so I have taken the time to share my thoughts here now. I would really appreciate it if you could all leave a like & comment. These are my entire motivation to post more content.

I have also tagged my other recent Cryptocurrency ideas in the related ideas. See the related ideas at the bottom of this post.

I will be updating this analysis as it progresses.
Comment: Check out my all new analysis!

Please leave a like. It motivates me to post more content. :)

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Thanks a million mate for your efforts and analysis.
After it reached 14700 as u mentioned it started to go to 15000 thousands and up I guess ...

What do u think Tom , is it a good point to enter long taking into consideration it is a strong up rise market which could reach 20000+ at the end of year ? Or we shall be more cautious to see what the wall street effect would be and then take Action based on outcomes ?

Appreciate your insights
+1 Reply

Yes and no.

It is a good time to enter (At the center of a market hype and mass enthusiasm for Bitcoin) but it is not the right time to be TRADING it. When I analyzed the chart on the 1H, I can see that price (in my opinion) will retest the downside first. I am expecting a downside move to 13940, before the next new move up.

I will creating a new analysis when price begins the upside move again.

A long will surely come in before Christmas. When it does, we could see around 18000, but bare in mind this is just an estimate.
Excellent Tom. What would happen after it reaches 18950?
Thanks very much for the analysis again.
+1 Reply
@khoianh, There will be a correction eventually. I expect this will go to around 14700.
khoianh TomProTrader
@TomProTrader, thanks very much Tom. You nailed it. I'm interested in knowing your answer to Aikido_1's question too.
Excellent TA as usual!
+1 Reply
@isaeed, Thank you, means a lot!

Hope it helped.
Spot on analysis... as always... well done.. me feeling proud to be a part of your paid advisery channel... thumbs up..
+1 Reply
TomProTrader gaurav_jain02
@gaurav_jain02, Thank you.

It has been a pleasure working with you so far. I am happy I am making you profits. :)
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