A follow up analysis of Bitcoin! Price is moving perfectly with our previous Bitcoin analysis, and we are waiting for the upside target to be achieved. In our previous analysis, we predicted the upside move will begin, and then it did! Now we've perfectly gaged the beginning of the up move, I am going to look for entry levels to either add to a long position, or consider a safe long position.
Swiftly moving on to the analysis, Bitcoin on the 8 hour chart is trading at nearby the 20 moving average zone between 6530, and there is a lower side-wards support zone below at 6447. I am now watching Bitcoin's movement very carefully within this zone to see if candles can show a reversal so I can be a buyer!
There's a short term lower side-wards support zone at 6447, where price could fall before the up move itself properly begins. Price remains in structure. Although a bottom has been found, there is still a lot of conflict at the lows. Anyone expecting a massive move up anytime soon will be disappointed.
Bear in mind if we hit the side-wards support line at 6447, then I perceive it as more likely that price will go the upside. This is due to price being at a safe technical level that can be taken advantage of, the whales are likely looking for a level that is technically favorable.
I will continue to update this analysis if enough people request it.
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Price is moving perfectly in line with my analysis, but it's not over yet.
Price is high, but it needs to remain there for actual bullish confirmation.
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Price still looks relatively strong despite a red candle today. Price is showing a Doji type candle at present, and alongs it does not close below 6715, then I believe upside will continue, or at least, the bulls already holding long position won't ditch their coins.
I still see target to 7000 if momentum continues again.
Hi Tom thanks for your charts and perspective. IMHO from the daily chart price continues to support our short term bearish bias in search of the completion of intermediate wave (4). It appears that we have completed the first leg down and in the early stages of development of a 5 wave structure following a very truncated wave E and triangle completion and subsequent breakdown. The break to the downside substantially increases the probability of continued downward price action and into our buy zone between 3000 and 5000. However, it should be noted that a measured triangle move takes us all the way down to 1500. I know it sounds impossible but it is possible. I don’t know if we will go that low so we should keep a close eye on the current impulse to see how she unfolds. I have charted a possible path based on fib ratios in line with EW guidelines that are sure to change as price unfolds. Currently we are looking for price to correct in Minute wave 2 somewhere in the neighbor of 7000 to 7200 before Minute wave 3 gets underway. Once we have confirmed wave two is complete we can adjust our fib ratios to estimate wave 3 targets.
Daily:
Weekly with link to full thread:
TomProTrader
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@tuamen, Thanks for sharing, definitely weaker right now, so could wave into correction as you suggested.
Hubris
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What happens when we get to $7000?
Cryptopadro
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@Hubris, then the Earth stops to open a champagne.
Hubris
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@Cryptopadro, Good, I love champagne...lots of it.
Hubris
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@Cryptopadro, ....the world will never stop... there will always be greed, famine, war, murder, fear, jealousy, deceit, anger, exploitation, stupidity...and perhaps a little love... now where's that damn champagne!