We are bullish on Bitcoin and we all agree that Bitcoin will take a turn to go for a new ATH. The question this analyses answers is where the turning point will be?
The answer somewhere between 13500 and 15800. Please, continue reading for the explanation:
What do we see?
- An ascending channel since March
- A dotted support line in the middle of the ascending channel which can be considered as a support line within an ascending channel
- Auto Fibonacci Retracement levels plotted on the chart on the swing of the full channel from March
- A broken parabolic curve which most often retraces 50% to 70% of the rise from 3860 in March to 19450 this week (50% retracement amounts to 15590 in this analysis)
- The only technical foundation holding the price is a short term indicator the red EMA 25 line
What do we conclude?
- We shouldn't analyze at timeframes smaller than 1D if you're not a day trader and want to follow the larger trend, so the current 25 EMA line holding the price is not a strong indicator to go long at
- The broken parabolic curve has only retraced 20% yet with the low of 16300 while it most often goes for at least 50% of the swing from 3860 to 19450
- The first Fibonacci Retracement level of 0.236 hasn't been hit yet
- The first Fibonacci Retracement level of 0.236 crosses the dotted middle support line in the ascending channel, meaning that this might be a strong support level at 15800
- The second Fibonacci Retracement level is at 0.382 is at the EMA 100 line which has been touched already 2 times in the channel and has hold throughout the entire channel so 13500 will most likely be a bottom support that will hold
- Looking at the RSI, buyers are just gone waiting for a positive RR ratio
- We shouldn't compare this rally with the one from 2017 since price has risen based on fundamentals rather than FOMO so we only look at the current long term ascending channel
What do we advice?
- The risk reward ratio turns only positive from 15800 since we all agree that Bitcoin in the macro trend is bullish and we go for an ATH again so from this point bulls will slowly start to enter Bitcoin again, if you're still in Bitcoin just sell and go long from here
- Apply DCA dollar cost averaging since we are not sure whether the price will go for 13500 as well, while it seems a very possible target. So go long with an X percentage of your stack at 15800 and another X percent of your stack at 13500
Disclaimer:
- Don't trade this idea if you don't fully understand it, then you can better keep calm, learn and hodl
- Use this trading idea only as an indicator as part of your own trading plan and do your own analyses
Please, let me know what you think of the idea in the comments or follow me for more updates!
The answer somewhere between 13500 and 15800. Please, continue reading for the explanation:
What do we see?
- An ascending channel since March
- A dotted support line in the middle of the ascending channel which can be considered as a support line within an ascending channel
- Auto Fibonacci Retracement levels plotted on the chart on the swing of the full channel from March
- A broken parabolic curve which most often retraces 50% to 70% of the rise from 3860 in March to 19450 this week (50% retracement amounts to 15590 in this analysis)
- The only technical foundation holding the price is a short term indicator the red EMA 25 line
What do we conclude?
- We shouldn't analyze at timeframes smaller than 1D if you're not a day trader and want to follow the larger trend, so the current 25 EMA line holding the price is not a strong indicator to go long at
- The broken parabolic curve has only retraced 20% yet with the low of 16300 while it most often goes for at least 50% of the swing from 3860 to 19450
- The first Fibonacci Retracement level of 0.236 hasn't been hit yet
- The first Fibonacci Retracement level of 0.236 crosses the dotted middle support line in the ascending channel, meaning that this might be a strong support level at 15800
- The second Fibonacci Retracement level is at 0.382 is at the EMA 100 line which has been touched already 2 times in the channel and has hold throughout the entire channel so 13500 will most likely be a bottom support that will hold
- Looking at the RSI, buyers are just gone waiting for a positive RR ratio
- We shouldn't compare this rally with the one from 2017 since price has risen based on fundamentals rather than FOMO so we only look at the current long term ascending channel
What do we advice?
- The risk reward ratio turns only positive from 15800 since we all agree that Bitcoin in the macro trend is bullish and we go for an ATH again so from this point bulls will slowly start to enter Bitcoin again, if you're still in Bitcoin just sell and go long from here
- Apply DCA dollar cost averaging since we are not sure whether the price will go for 13500 as well, while it seems a very possible target. So go long with an X percentage of your stack at 15800 and another X percent of your stack at 13500
Disclaimer:
- Don't trade this idea if you don't fully understand it, then you can better keep calm, learn and hodl
- Use this trading idea only as an indicator as part of your own trading plan and do your own analyses
Please, let me know what you think of the idea in the comments or follow me for more updates!