BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
HI all crytpopups welcome to another analysis of BTC . This is where i like to keep things simple and easy to educate you about TA and charting in general. BTC is in a sideways channel at the moment between $8250 and $7800 so it will have to die another day. Neither the bears or bulls have enough strength to take control and decide the direction BTC will take. Based on the current price action I remain bullish according to my EW count going up to $9000. For the traders there are two important zones to watch and will dictate your trade position. If BTC breaks up to and over the green box and current high $8250 then we can expect even stronger moves upwards towards the $9000 levels before an ABC correction. However if the price falls to $7750, then we can expect a 5th wave failure and prices to drop back to about $7300. So there are two scenarios based on the trading zones provided. On the indicators the RSI is sitting on the bullish sweet spot of 60, but is showing some hidden bearish divergence. The Stochastic is sitting at the bottom of the cycle poised to shoot upwards. Also the 200 MA is below and should be a good support for the price if the bears step in. Until BTC breaks one way or another it will really set the scene for the next few weeks, so its going to be a very exciting move which ever way it goes. I hope you enjoyed my analysis and please like and follow as sign to me to bring you more TA. I am happy to chat or answer any questions for y'all. Also for latest news, fun and games join me on twitter by clicking the link on top of the page.
good analysis thank you
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