lamppole
Long

BTC Roller coaster coming to an end

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi! Thanks for checking out my Bitcoin analysis! BTC is wrapping up the horrendous downtrend and is showing signs of life. We are on quite a strong bounce (now at 2/6 2:30 PM) but Bitcoin isn't quite ready to do a turnaround. The more long-term signals aren't giving us many reasons to buy just yet. If we see BTC continue to spiral down and it hits the $4900 line I think the market will spiral out of control until BTC reaches its deathbed and we will have to wait for its rebirth. However, I think we don't have to worry about that. Look for the middle of the buy-in zone to be in a little over a week (2/12 - 2/16) around the mid 6000s - mid 5000s at its lowest. I think 6000 will be a strong buying point and we should see a little spring up to our rally line once the bulls are ready. The next line is the cap for any spikes to follow the rally, but this will come in the long run so don't be expecting it so soon.


Summary:

Buy-in zone middle dates -- Feb 12-16

Price -- $5500 - $6500

Expect a rally up to $8500 with highs spikes reaching $10.6k


***Chart pulled down buy zone once graph was posted, look for $5.5k bottom of buy zone***
Comment: BTC coming up on an important point. We are not seeing any strong signs of reversal yet. But if we see a weak pull back from this final push it might be a "lower lows" and "higher highs" from here on out, which are classic reversal signs coupled with the indicators headed up.
Stay updated but don't fear missing out, BTC shouldn't jump too high too fast from where we can buy in if it decides we hit the floor already which is above my previous analysis.
Comment: Going to sleep for the night, tried to see if BTC had any stronger signs of reversal but I think they aren't quite there yet. The signs are close though, it depends if this pullback goes lower to our buy-in range or starts to head up. For any of you late owls if you see the pullback stop soon and start to head up I would feel comfortable buying.

Will update tomorrow around mid day after work.
Comment: BTC held quite well! This farther shows that we have a true reversal. I think we we’ll end up shifting our goal line and high line so now we will see bitcoin rise back around 10k!
Trade closed manually: Closing trade. Butcoin won’t drop to buy zone. This will be the low point.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out