Bitcoin - Important Signals From The Weekly Chart

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The price reached SMA50 which acts as a resistance line. We can see the previous two weeks when the market moved in a narrow range not far from this line. Such price action at the possible resistance zone gives us information that the market took a rest for some time. We have a period of consolidation which can give us a reversal signal or a continuation signal.

If we look at the indicators, we will be able to get several bullish signals. They are following:
- MACD histogram supports the upward movement
- MACD lines support the upward movement
- RSI gives a bullish signal
- DMI is bullish
- ADX line moves upward telling us that buyers become stronger.

These bullish signals are good for buying but we still have strong resistance lines and level which the market must break in order to move higher.
The 1st resistance is SMA50. It's not so strong but it also can stop the market. We will have to watch for the price action at this line during several weeks.
If the price breaks it, the next resistance will be at 6000.00 level which should be a very strong level for the market. It acted as the bottom for a long time, and the market will need solid reasons for breaking it.
If the price can do this, the next resistance is SMA100. Will the market be able to pass this resistance from the 1st attempt? It's a good question.

Also, we can think about the zone between 5600.00 and 6400.00 as the resistance zone . Will the market be able to pass it without a correction? Share your thoughts in comments. The market looks bullish in the long run and the correction could be a good part of such uptrend. The best zone for buying still is at the main uptrend line, it's about 4200.00 - 4000.00 levels. If we talk about proper trading, long positions should be opened after the correction from the uptrend line based on a reversal signal.

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Clever points sir. IMO 6k level looks too strong to pass without some serious correction.
+1 Reply
DLavrov Hmikael
@Hmikael, agree with you about 6000.00 level.
+1 Reply
I think the current is similar to the bottom of 2015. What do you think? Please give me a advice.

+2 Reply
DLavrov pkb6698
@pkb6698, if you look at any other markets you will find the same patterns. I would like to advice you look at Moving Averages, how the price acts at MAs but not focus on the whole price movements and MAs positions trying to find the same pattern in the past. Just make it simple )

But also I should say I like your idea and the charts. You tried to find the possible examples from the past and you will be able to succeed in it.
Thanks for sharing your opinion!
pkb6698 DLavrov
@DLavrov, Thank you for your feedback. As your advice, I will try to find similar patterns by looking at many other markets. Your comments are meaningful to me. Thank you again.^^
The MA50 could be acting as a really good resistance but what I've seen happen before and I feel this will happen again is that that people will start to sell here creating the opportunity for the whales to place their long bids and then drive the price back up. I think we still have a move up in the making but a temporary drawback to what we call our "blue line" is most likely due.

We are still long and up 7.56% today and letting the stop-loss update every 4 hours to protect gains. This sure is exciting :)

DLavrov TradeIndicators
@TradeIndicators, nice, thanks for sharing your idea!
It is a possibility that the market can make a movement upwards but it should be hard (which means if the breakout occurs, then it occurs with a powerful candle). This mentioned level is important if we considering the mid-term and even the long-term perspective.
Still, I wait for a slight correction because the resistance is just so strong above the current price. It has uncrackable support in mid-2018 (almost 6-8 months) and it almost has to make this correction from there:

All the best!
DLavrov VaidoVeek
@VaidoVeek, thanks for sharing your idea! All the best to you too!
Thank you for the analysis.

The golden cross is about to happen on the daily chart

We expect a correction but to $4500 or higher.

Indicators show the price saturation but Ichimoku Cloud is in the strong bull mode. We may have a retrace to the top of the cloud which is at $5300.

We will keep you updated.

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