BTC/USD - Live Update

It isn't often that I do multiple simultaneous analysis on the same coin, but when I do, that's when you know something big is happening. Bitcoin looks great! Bitcoin is trading right at the side-wards support line, and does look quite bullish. Price did yesterday correct back to the horizontal support zone exactly as my previous analysis predicted (See related ideas below for more details of my previous analysis), price had candlestick reversal candles when it hit the side-wards support and it really does look as though the upside is possible. I know that price is now likely to go up, but the question now simply is, WHERE.

There is 2 ways this trade will play out:

- Bitcoin trades up and hits the first horizontal resistance zone between 6800 and 6910, then breaks down once to the side-wards support once again, before finally having sufficient momentum to go to the upside.

- Bitcoin trades higher, breaks the first horizontal resistance zone between 6800 and 6910, then uses the first horizontal resistance zone as a support level, before then going to the higher horizontal resistance zone between 7230 and 7360.

Bear in mind, whichever scenario plays out, price will probably find minor/retest resistance at the 200 major moving average resistance at 6700 before the new up move begins.

I will update this idea if it receives sufficient attention.

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Comment:

Price is looking neutral/slightly bearish on the recent 4 hour candlestick. This could imply weakness as the candlestick body is closely approaching the side-wards support line at 6560.

Now price can do one of two things

- Maintain support on the side-wards support line at 6560.
- Price falls below the side-wards support line and fall lower towards the horizontal support zone between 6370 and 6260 before the up move.

Either way, there is still a bullish bias here in the short to mid term.

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Comment:

Price is moving down in accordance with our previous update. Bitcoin had an upside move after hitting a low at 6420, correction slightly against the short term bearish impulse leg, then the bears jumped back in again.

Price will now make a downside move to the horizontal support zone as predicted between 6370 and 6270, then I will consider my options.

Comment:

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Comment:

Price has broken below the side-wards support line at 6630 and since then there has been candlestick reversal signals. Price also simultaneously found resistance at the 20 moving average, and has found resistance at the candlestick wick high with the 200 major moving average resistance also.

This implies that in or around this area could be acting as a resistance ceiling and it could signal a short term market correction to the downside before the next move up. The ideal place to look for a long opportunity is at the retest of the horizontal support zone in between 6370 and 6270.

If price breaks to the upside and has a candlestick body close above 6640, then I assume the downside correction is negated and more upside is to come.

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Comment:

Price is looking quite hesitant at the side-wards resistance line. If price closes above 6670 then the bull trend will run, however if price stays below current levels and starts to make a downside move, then price will start a downside move to around 6370 and 6260 where I assume price will bounce and likely start a new bull run.

The support zone at 6370 is actually extremely strong. And I'f be highly surprised if it goes lower than this level.

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Comment:

Price came down as predicted, and then had a rapid correction when it hit the 50 moving average which was a key level to watch!

Price is now trading above the bullish territory level, and now we can look for bullish bias trades. Everything is running perfectly in the analysis and now we can begin to make money! :-)

Anyone who wasn't patient enough and did their own thing, sorry for your losses. You really need to grasp some patience before you blow your accounts (And yes I'm talking about a few specific noobs who troll my posts just because they can't trade as well as TomProTrader can! ;-)

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