BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
What's up traders,

Here we are analyzing BTC/USD on the 4H chart.

As you all will know, we keep a very close on Bitcoin             , and have been posting many analysis in relation to it. If you review my previous Bitcoin             -0.36% analysis, you'll see we predicted the down move perfectly, and our trading plan on the pair is going exactly as planned. I congratulate everyone who has been following all my Bitcoin             trades analysis recently, as we have made some serious profits! I'm glad to be your one stop shop for you all!

Bitcoin             is currently trading at 8416 after finding resistance from the 20 and converging 200 major moving average which are acting as resistance. which offered the signal that Bitcoin             was going to take a short term correction. Price has completed a down swing against the side-wards resistance at 8690 which started the downside correction.

There's a horizontal support between 8320 and 8180 which price will fall to if the major moving average resistance gets the better of price action. If price breaks below the first horizontal support, we should watch for a buy opportunity at the lower support zone between 7770 and 7630.

After the corrective move has finished, I am expecting the bulls to shove the market once again.

Bare in mind, that a retest is very good for creating a new position and even holding an old one if you're able to hold for longer term. And I'll also be an eager buyer when it hits one of these supports and acts in line with my rules for engaging this trade.

I will update this analysis when I receive above 40 likes.
Thanks for your ideas. I appreciate them Here are my thoughts on BTCUSD
+1 Reply
You do realize if we go below support zone, that support zone starts acting as resistance? Look at what's happening right now, we are stuck at 8185. you should have another arrow that starts at around 8200 (middle support zone) and goes back to 7600. why do you assume we will go straight to 9100? Just a wild guess? it's a basic rule in charting, when levels of support are broken they can act as resistance.

Your chart is basically saying we can do either of the following:
a) middle support to target.
b) middle support to bottom support to target.

...while there are 20 other cases that can occur.

In one case, you can go to mid support to bottom support then back to mid support (which will now be resistance) and fall back down.

Your chart is correct so far in that we went to bottom support to mid support, but what makes you think we'll break it? Very unusual and oversimplified analysis.

Did you make your money on trading or selling courses? lol
Reply
TomProTrader elitebagholder
@elitebagholder, You do realize in hit my support zone, and my analysis above used some of the most basic trading methodologies of all time?

You do also realize I've pointed 2 support levels and a target and you've called my analysis overcomplicated.


I think this says a lot about your trading ability.

If you need my course, then contact me. :-)
+2 Reply
elitebagholder TomProTrader
@TomProTrader, I did not call it over-complicated. I'm not really a short term trader, but anyone can read simple charts like this.

I am not questioning your support levels, I can see them myself. I am questioning your arrows. Clearly there are more cases than that. That's all I'm saying.

Your bet was correct about a drop and then bounce at the 7700 area, good job on that, but my question to you is what trading methodology are you using when you have an arrow point from 7700 to 9100?

Certainly we can go from 7700 and find resistance at around ~8240.

It's just a fundamental rule in charting that if we break support, it can act as resistance.

Why do you assume we will just cross over and hit the target?

You could be correct, but it wouldn't mean your methodology is correct.

There's a reasonable chance it meets resistance there and does not break through, which is one case that you have completely ignored.
Reply
TomProTrader elitebagholder
@elitebagholder, Na didnt ignore it just didn't want to put 4504054535 points on a simple chart.

If it came resistance in middle i update idea simple
+1 Reply
elitebagholder TomProTrader
@TomProTrader, ok fair enough
Reply
Who called the top? Who called the bottom?
The proof is in my chart. Fractal mastery at its best. Just press the play button



+1 Reply
Respect, good call man. I'm thinking the same
+1 Reply
Thanks for your TA, have a like. I give it a good chance as well that we'll dive in the 7000s.
Although there is some divergence on the 6h/1d RSI so a bit mixed feelings about it and it might go bullish again when it bounces.
Here is my today's TA with a big picture overview:
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