BTC/USD - Live Update

As price is beginning to manoeuvre in a way that can be perceived as stable (for now) it is time for us to zoom into the chart using the 8 hour chart and best gauge bitcoin's intentions. As it stands price is hovering around a support zone as outlined on the chart. the line isn't as wide as my previous analysis as I have zoomed in, obviously we cant trade in a super wide zone so making it smaller for finesse entry trades is highly necessary at this point. Now that bitcoin has stabilised we can make logical observations not based on emotion but rather technical fact. Now, price can either go up down or side-wards, that's obvious, but WHERE to? That's the question. Well, Bitcoin just did break a side-wards resistance line but appears to be rejecting in real-time (This doesn't necessarily mean price will close here and could close higher after candle close) but this imply the side-wards resistance has been acknowledged. I know what what some people will say... "TomProTrader, who cares if a resistance has been acknowledged??????" The answer is, me. Or anyone who knows how to trade. Everyone who trades should know - "A level acknowledged is a level learned.". In other words, an acknowledged level does usually imply we're in the zone where impulse trades can be made.

Price can do one of 2 things now, as outlined below:

1) Bitcoin rejects at the side-wards resistance zone at current levels, and retests the horizontal support zone at 5880 before bouncing to the upside again, retesting the side-wards resistance one again before a possible break out (If breaks analysis will be updated)

2) Bitcoin stays beyond the side-wards resistance line, uses the resistance line as support after some consolidation and then moves higher, ultimately hitting the upside target at 8035.

Bear in mind that Bitcoin is in a volatile state and you should be extra nimble whilst executing trades.

Where do YOU think price is heading? Leave a comment with a chart and let us know your thoughts!

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Comment:

Looks like bulls are coming in right on queue! Will keep this analysis updated as it progresses!

Looks like the support it holding and this is great!

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Comment:

Price appears to be holding out at the highs. I am hoping that price can now have a small correction before the upside prevails!

I will update this idea as it progresses! :-)

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Comment:

Price is only currently good for short term
Speculative trades. I don’t see any medium or long term buys right now.

For now however it’s a great battlefield for quick trades!

Have been doing nicely on BitMex over last couple of days just taking short term swing trades, and have made significant profits!

Let’s see if medium and long term trades come back into play soon!

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