BillCharison

#BITCOIN - This #HALVING Growth Is Endgame for SHORTS

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The price is moving inside the big ascending channel. On its way upwards, $BTC broke through the global resistance (marked on the chart) and took a hold above the one, which is a clear bullish sign.

However, now the price was stopped by the psychological resistance at $10000. At the moment the main support is located at $9530 level that still was not tested. Moreover, the price still didn't test the resistance of the ascending channel .

The ascending resistance is crossing with another strong resistance - $10500 (large cluster of Fibo levels) which should be reached right at the moment of Halving. This resistance can work as a magnet for the price, cause we need to test one. If this level is broken with the strong upward spike, we can easily see a $11000 level soon as well.

As soon as the $10000 is broken and the price start consolidating above it, chances of going lower to $9530 are decreasing while chances of going higher to $10500 are increasing. The market is bullish and purchases are in priority. Entering SHORTs now can be very risky.

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Comment:
May be I'm overreacting at the moment, but everything fits perfectly. Now we have a perfect ascending channel with the middle line which is also respected by the price of $BTC. Before updating a local high, the price needs to trigger stop losses of short positions opened below the $10000.

Then test the support of $9530 and trigger a bunch of long stops. After these movements $BTC can easily continue going upwards following the ascending channel and reach $10500 resistance just in time of Halving.
Comment:
The price just touched the ascending support of the channel. As long as $BTC stays above the $9530, long positions are safe.

If during weekend the price break down through this support, we should see a reaction at Monday cause there will be a gap above the price.

We stay without a position on $BTC, as we always do on weekends.
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Comments

Good work, keep It up!
+3 Reply
BillCharison darkpowerful
@darkpowerful, thank you for kind words, it is my pleasure :)
Reply
LittleScratch darkpowerful
@darkpowerful, agree on that
+1 Reply
BillCharison LittleScratch
@LittleScratch, Thanks!
Reply
BTC_Halving_066 LittleScratch
Binance Halving - 5000 BTC Giveaway

Join: http://www.halvingbinance.com
Reply
Hi Bill! What do you think about post-halving period?
+1 Reply
@agent474, well, the obious thought is a big dump, as all newbees are watching the countdown and waiting for smth huge. When nothing happens right after, they'll get scared and panic sell.
Reply
agent474 BillCharison
@BillCharison, ok and what if BTC dumps right before the halving so all longs are already rekt? Guess it's a nice scenario for bulls
Reply
@agent474, I hope we fly up today and make a correction during the weekend. This way we'll have a gap above and the price vector will be upward.
+2 Reply