This is a 1D analysis on the short term price action of Bitcoin as it prepares to test the 10000 psychological level.
As we see it is trading on the neat Channel Up since April with buy signals on its Higher Lows and exits on the Higher Highs. Every time it makes a Higher High it consolidates inside an Ascending Triangle that ultimately leads to the next bullish break out.
10000 is the 1W Resistance/ Heavy psychological benchmark/ May 05, 2018 Lower High during the bear market. It will surely trigger some action:
Scenario 1. It breaks it finds even more buyers and continues to fill the +62% bullish leg towards a 12100 Higher High (and extend the Channel Up).
Scenario 2. Short term rejection towards the 8800 - 8980 4H Support Zone. Breaking of this zone invalidates the pattern and opens the way to even lower prices (if the MA50 breaks).
Let's go to the moon ;) I watch Btistamp whioel day and in last 5-10 minutes I see some serious increase in traffic .... I thnik this 4h camdle might be 10k ;)
So get ready for FOMO ;)
BR Peter.
TradingShot
⋅
@Ruckusman, If fomo kicks in at 10k I will not be surprise to see even 11000 during the weekend.
Ruckusman
⋅
@TradingShot, I am hardly waiting to see how this will play out. I am curious how many SL and conditional orders will be executed when it goes above 10k.
I still have champange since may 2018 when it almost broke 10k (9970 it was on bitstamp I think).
And this time I won't repeat mistake like I did it last year. I will give it to freezer only when BTC reaches this magical number ;)
And on monday we will be ordering lambos again ;) ;) ;)
BR R.
TradingShot
⋅
@Ruckusman, I guess you can celebreate a little early Br!
Ruckusman
⋅
@TradingShot, Yeah! It looks like I have learned one lesson called patience. I woke in the middle of the night and checked prices. OMG!
We can official open FOMO season and start to pick the colour of our new lambos :) :) :)
logindaten
⋅
Great analysis
what do you think of these resistances?
TradingShot
⋅
@logindaten, With what I am seeing so far we can hardly call them resistances!
Cryptalion
⋅
from fundamental point of view! in your opinion what stand behind of this movement?
TradingShot
⋅
@Cryptalion, Acceptance and of course retail attention. I was looking at the google searches they have more than doubled in the past 3 months.
So get ready for FOMO ;)
BR Peter.