Bitcoin Support Levels: When The Next Jump? #3 Scenarios

Bitcoin did another great run and reached all the way up to $8,500 where resistance was just too strong to continue its climb up.

But the bulls are happy, Bitcoin had some huge volume yesterday and it is looking pretty solid, consolidation is looking strong.

After such a nice ride, we can expect a retrace. A retrace can take just a few hours, as it can take days. Sometimes up to several weeks is possible for the consolidation phase.

Now, we have a few scenarios to look at, let's get to it:

1) Bitcoin consolidates sideways. There is the possibility of Bitcoin going sideways, based on the strength, momentum and movement we've seen in the past few days. This sideways consolidation can happen around the $8,000 - $8,200 price range.

2) Bitcoin retrace. A normal retrace can take us back to $7,855+ followed by $7,400, $7,000, $6,800, etc, if the first level doesn't hold the next one activates. I will be tracking the charts and let you know as things develop. Right now I am using $7,855+ as my main strong support for the short term based on the daily timeframe charts.

3) Bitcoin goes down. This is less likely at the moment and would need confirmation first. But if Bitcoin breaks down and goes below $7,400 and closes below it, fast, then we revisit the charts and see if the bears want to take control. This can take a while, as the weekly candle comes into play if this scenario turns on.

Just having a quick look at different scenarios... for your learning, entertainment and of course, to have some fun.

Note: The weekly timeframe is building up nicely, this week can be important to determine how future weeks will go. We are looking very positive already, and MACD about to have a bullish cross...

Take care...

I Love & Enjoy Life...

Namaste.

Comment:

Previous analysis:

Comment:

Bitcoin Volume Profile (YTD):

Comment:

We continue looking at healthy consolidation on the 4h chart.

We also have what seems to be the "cup" of a cup & handle pattern on the daily chart. So far we continue looking good.

Here are the charts:

Comment:

Comment:

There is another possible scenario...

4) Bitcoin just keeps on going up and ignores TA, news, manipulation and all the rest... Kind of joking but half serious since anything is possible in this crazy/amazing cryptocurrency market.

Comment:

We continue going sideways and looking really good.

Comment:

Trading volume on the weekly timeframe continues to climb. With 3.5 days to go, we are very likely to surpass last weeks volume.

More green volume = better for bulls.

Comment:

- This signal can take up to two weeks to fully develop, but you can expect good action even within 7 days from now.

I will keep you posted/updated at all times.

Thanks a lot for the great support and all the likes, sending back up to #1 on the daily.

Thanks again...

Namaste.

Comment:

On the next drop we might go all the way down to $8,000, our next support and rebound or consolidate from there...

This needs time...

Comment:

Bitcoin drops and lands exactly on our second support. We were expecting this... It is ok. We can do our retrace...

Comment:

So we touch our main support at $7855+, what happens now?

We let it develop. We continue with retrace+/consolidation and we go from there. The charts will let us know before hand...

Comment:

Are we really going for the cup & handle pattern?

Comment:

News related to Bitcoin ETFs: www.cnbc.com/2018/07...rejected-by-sec.html

Comment:

Here is the daily chart closer:

- You can see a strong retrace, holding at our main support and $7400 - $7600 as our next support level.

We will let it play out over the weekend, and come back on Monday to see how things are going.

It needs time... Weekly candle close will be very interesting to watch. We need a good weekly candle if we want to continue with our bullish bias.

Comment:

Our support held on for now... not much change, we continue consolidating.

Here are the 4h and daily charts:

Comment:

We continue looking really solid, bullish and strong. Consolidation has now gone sideways, but remember that this can take a while to play out. So time to sit back and relax, and come back in a few days and see what the charts have to say.

Thanks for your support again... Namaste.

Comment:

EMA10 is about to cross EMA200, this is a good development.

Bitcoin continues strong. I will post a new trade idea for my next update.

Thanks a lot for reading.

Thanks for all the comments and support.

Namaste.

Comment:

We are still doing some pretty good consolidation, Bitcoin looks stable so far.

Here is the daily chart:

Comment:

Bitcoin is retracing just now, we can expect to find support still above $7,855+ or $7900 to be more exact. That's EMA10 + EMA200.

Comment:

Our support held nicely and Bitcoin continues to show strength.

I will post a quick update once the daily candle closes (34 mins from now).