COINBASE:BTCUSD   Bitcoin / U.S. Dollar

Since the collapse, the price of Bitcoin has been on stable growth. Actually, pretty surprisingly, the price movements have stayed quite calm, with steady growth and with a few waves, classical - until to another shake off. :)

Without a small-talk let's jump straight to the action. At the moment, looks like the price has taken a plan to reach $8,000. The road to there can be pretty bumpy but my high-probability trading setup is waiting for me around $8k.

About the obstacles, the current price level (7k) is a pretty strong resistance level . A couple of days ago the price got a rejection from 7k and now it tries to break it again. If you look a bit left then there is a pretty heavy support level from the end of the last year which now acts as a resistance. Secondly, EMAs from the Weekly timeframe and EMAs from the 4-hour timeframe should also make this a bit harder to climb to my pointed price zone BUT they don't interest me. I'm interested in the red box! I'm interested to make short-term "sell" from the red box.

The selling area stays between $7750 - 8,250 and the red box criteria area:
1) Long-term Fibonacci retracement level 38%, pulled from last year high to this year low.
2) Fibonacci retracement level 62%, pulled from this year high to this year low.
3) Waves of AB=CD
4) Channel projection should act as a resistance
5) The round number itself $8,000. In previous trades, this 8k has been pretty lucky number ;)
6) Daily EMAs 50, 100, 200 should all act as resistance levels
7) Weekly EMA50
8) The gray area, a new feature on my criteria lists ;)
9) Fibonacci Extension
10) As always, wait for a bearish price action inside the red box. Let the price action guides you into the trade!

Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!



Thanks for your analysis
I think we may first go down to close the gap before going to $8000

+5 Reply
KoopmansTrading martinbrits28
@martinbrits28, Your analysis makes no sense. In an ABCDE there is not a 5 sequence
+3 Reply
Nice analysis. Liked!

I see a bull trap forming. This is not the time to buy. The analysis is based on values from 28 technical indicators.
Do share your thoughts!

+3 Reply
Thanks for your time and effort. A very good work!
+1 Reply
Very nice. THANKS.
+1 Reply
What do you think of this?
+1 Reply
Long term chart, yes.
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