AndrewDavis5
Long

Potential for Bitcoin and Altcoins to take-off again soon.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC drop to 8600-8400 range first is more likely (but price could start moving off here too).
BTC then still has heavy upper resistance to break at the 8800-9000 region.

Note: I've been maintaining very accurate predictions for the most part.
I however do not post on TradingView very often again.
Recently I've been posing my TA/Charts on Twitter: @AndrewEDavis
Comment: #Bitcoin is still moving on track with my targets.
Right now we are in my buy target zone (potential for another small subwave down).

Strong support still exists between 8400-8200 ranges.




I should also point out this potential Bearish count, where we are in a big Bull Flag and could hit ~7900 if we break below 8200.



I currently lean towards my Bullish scenario.
Comment: Bitcoin - If we are able to make the jump here soon, please be aware of this first line of upper resistance around the 8625 area (55 EMA). Depending on the volume/velocity we get approaching this point, we could either break right through (high vol), stall or reverse (weak vol).

(I may be away for a bit now.
Just sharing these quick thoughts to aid your decisions at this point.
It is still a risky zone with no clearly decisive direction.)

Comment: At the moment Bitcoin seems about 50/50 chance to break either direction, I believe the next move depends more on who is willing/able to apply more pressure between the Bears and Bulls.
We are moving sideways for a while because we are tightly between major channel support and 55 EMA resistance.

Comment: Article posted: 24 mins ago
$BTC finally breaks down (slightly) from a stagnant indecisive point: 22 mins ago

Just the type of "push" it takes sometimes to change trend on a 50/50 point.

US Court Indicts Founders of Crypto Company for Fraudulent Scheme
https://news.bitcoin.com/us-court-indict...

Comment: Bitcoin 55 EMA still serves as strong support.
We haven't actually broken down out of the potential large bull flag yet.

Comment: Bitcoin is approaching the apex of a major month's old support line and its current (2 days) channel.

Zoom out and you can notice that this support/resistance line has been significant at least since March month.

The next few hours is significant and should decide our next direction.
Comment: Please note that I have moved updates to this new post:

"BTC approaching apex of major support line and current channel"

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