Cryptorphic

#BTC didn't break the Channel. Bulls aren't giving up yet.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
It’s Subscribers like you that make my IDEAS awesome. Thank you very much for your unwavering attention and support so far. Cheers! and welcome to this new update.

Let's GET BACK TO THE CHART and keep it short and simple.

BULL SCENARIO:

1. As you can see in the chart itself that BTC didn't break the channel yet.
2. The violet area is the one which is important and as long as this area holds and the channel doesn't break bull trend is still intact and we can call it a correction.
3. I think we can retest the green box area: $9300 to 9480 level for the short term.
4. $8600 is the 200D MA support which is always a strong support to count on.
5. 50D MA is at $9500, we broke below this resistance but the retest is still due.
6. The retest to the blue line which was the ascending triangle channel lower support line is still due for a retest.
These indicate that BULLs are still strong and haven't given up yet.

BEARISH SCENARIO

This is very important to be kept in mind you need to be very vigilant about this Any break below this channel will be brutal for BTC .

If it breaks, important support Levels to watch:

$8500
$7800
$7400
$6800

If this break happens the bull trend will get extended for a significant amount of time.
I know you don't want this move, this is exactly what the charts says right now.

CONCLUSION:
As in the last update 9200 was an important level for us and BTC broke below this support right now I am buying back with 50% of my USDT if it goes down to the mid 8ks. In the current chart it's certain that bulls are still trying to keep the price up.

ANY BREAK BELOW THIS CHANNEL AND THE PRCIE OF BTC WILL PLUMMET SIGNIFICANTLY.


If you like this idea please hit the like button and share your views and ideas in the comment section.


#PEACE


Trade active: One more thing I forgot to mention in this update: I will wait for the daily close to make any strong predictions further.
Daily close above the channel is VERY VERY IMPORTANT for the BULLs.

Let's wait for the daily close, It's just few 5 hours left for the daily candle to close. I'll keep you updated.
Comment: Let's look at the daily chart:
BTCUSD made many fake Golden cross and death cross recently. This is a very important Indicator in TA.
The price just wicked on the channel support the question is whether it holds till the daily close.
My bias is it should HOLD and we will retest $9200 to $9500 again.

For a real Bull Market to begin we need a higher high in weekly and daily which will be above 10500 and then a retest and continuation. Which is too early to speculate now.

Anyways Nothing to fear for the bulls yet in Daily too.


Trade active:
BTC Closed above the trendline support in daily.
The scenario given above with green arrows is still in play.
If today's candle closes below the channel support infringes the support line I will re asses and let you know what my current plan is.

BTC is still bullish (short term) IMO .
Comment: CAUTION: I HAVE BEEN SAYING THIS SINCE VERY LONG.
UNLESS WE MAKE A HIGHER HIGH AND CLOSE ABOVE 10.5K WE ARE STILL BEARISH IN MACRO TF. BTC RALLIED OVER 150% already. That's why I said My plan is to exit around 10k level. But in any case if BTC weekly perfectly closes above 10.5k we can jump back in with merely a couple of hundred dollars loss but if we go to the downside I'll have the privilege to buy back btc way more than few hundred dollars per BTC.
I hope it makes sense to you.
What do you think about it?
Please share your views.
I'll be sharing a macro TF chart soon.

Let's grow together.

#PEACE
Comment: This doji doesn't show anything. We will wait for the daily close.
BTC could be bad only below 8100 and that will be strong but I still expect an impulsive move to the upside. We will wait for the daily close.

Comment: Still BTC is trading sideways since the last 4 days. As per the first chart, touched 9300 level already. Seems it could touch the 9300 to 9500 level soon.
ANY BREAK BELOW THE RED LINE SUPPORT WILL TAKE BTC TO THE GREEN SUPPORT LINES.
SO BE CAUTIOUS.

Monday could be bloody. We need to be vigilant to the market for the next 24 hours.
While BTC dips the buy orders given in my 20 alt setups could get completely filled.
Stay tuned and follow this update I will be updating this chart continuously.

Thanks


#PEACE

Trade active: #BTC Weekly is being supported by 50D MA since the last 3 weeks, after breakout.
Weekly closes in about 7 hours. Never trust the Sunday dump or pump. Let's see what comes out. Support levels: $8527, $8152, Resistance: $9300.

Trade active: A summary of the whole idea:
Our plan was to exit BTC between 9200 to 9900.
I personally tethered 30% MAXIMUM IN ALTS. Weekly closed with a candle penetrating the 50D MA (Bad News). Current Scenario: Daily is holding above the one of the two trendline channel support.
Two trendline support: One follows the wick of the lower candles other follows the body.
In this chart you can see BTC went to the low 8600 and got the support on the trendline.

What next? The picture is still completely bearish in MACRO TF.
I am expecting a rally towards $9066 If we see any volume, likely we will break the $9200 level. Break below the support be ready for 8150 and 8500.


Trade active: #BTC CME GAP: CME Gap at $9150 is yet to be filled. Let's see how it goes.
Join my Free Telegram channel for more frequent updates and Trade Setups.
https://t.me/thecryptorphic

Comments

5.5k by August
+5 Reply
@Bossian, hahahaahaha
Reply
Bossian AlphaCollector
@AlphaCollector, bears will laugh indeed :)
Reply
Possibly if the edge breaks
Reply
*wedge
Reply
Very good eye to have such awesome analysis. Here's my chart too to show how the next bullish momentum starts after we close above $10300 on the weekly. Cheers.
+4 Reply
Cryptorphic triquista
@triquista, I request everyone going through this comment section to read @triquista's update. Excellent read.
I gotta say this, I enjoyed reading your in depth analysis.

Keep growing, upvoted.
+4 Reply
wrote about local growth, too.

my new schedule:
+4 Reply
kathylisaa Valeriia_Top
@Valeriia_Top, Nice one.
Reply
First of all i gotta say: Amazing analysis! You are killing it man. One question though ..you mentioned that we will probably retest 200D MA? You think its a likely scenario or our bounce off of 8800 is the lowest we go? I acknowledge its not a going to be a financial advice, lol. If you can give your honest opinion id really appreciate it. Cause i made quite a stupid mistake which i wont tell you about cause its embarrassing ahaha
+4 Reply
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