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