AndrewDavis5

Bitcoin's movements for the week ahead

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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This is my rough idea of how Bitcoin may move over the coming days.
BTC may likely move generally sideways (up and down a bit) between the ~7950 & ~7420 ranges for the next 6-8 days, then make a decision to either propel upward, or fall further down to ~7000 before taking off upward again.
Comment: Bitcoin broke out upward as I expected. Target met and slightly overshot with strong buy volume. Next potential target/resistance is ~7750.
I'm up about 6% for the day. Locked in some profits and hoping for at least a small pullback for a more profitable re-entry.

I've been updating more frequently on Twitter: @AndrewEDavis
https://twitter.com/AndrewEDavis


Previous Twitter post:
BTC has further stalled today as it formed into a symmetrical triangle.
Short-Term/Next likely targets are:
If upside break: 7525
If downside break: 7200
I know most are expecting it to drop again right now, and it does appear it might, but I lean slightly to upside break still.

Comment: Updated Bitcoin targets with more detail.
Pullback expected to the yellow box (which we already just touched). I'm not expecting it to drop lower than this yellow area for now, however downside supports are labelled (red).
Upside resistances are marked, with hopeful target of ~7735.

Comment: Looks a bit familiar?
(Image): https://pbs.twimg.com/media/DeHP3F5U8AAZ...

I posted just over a day ago (on Twitter) that Bitcoin may likely follow such a pattern. Sideways, up and down a bit, then a push to ~7620. BTC Hit EXACTLY there. :)
Just that time expanded because of low volume.

https://twitter.com/AndrewEDavis/status/...
Comment: Bitcoin didn't make it to my "hopeful target of ~7735" this time. I specifically said that as I pointed out the layer of resistances we would have to break to get there.
BTC touched my 7610 mark but got rejected. It was still a good scalp opportunity if you bought on pullback.

See downside support levels labelled, which has moved with time expansion.
If BTC doesn't bounce at this current support level, it likely should bounce @ ~7220 lower support range.

Comment: Mentioned in my last 2 comments "likely should bounce @ ~7220 lower support range", & $BTC price bounced exactly there. Whether it holds is uncertain for now, not enough data. But it's a decent level to accumulate more buys. Next downside support if we fall further is 7000-6900.

Comment: I'm not expecting #Bitcoin to fall heavy below 7k overnight.
If BTC doesn't turnaround upward here (it has a slight chance of doing that), I see strong support first @ ~7150, then if that doesn't hold, there is stronger support between 7000-6900.

Comment: Bitcoin held up overnight as I said it should (no "heavy fall below 7k overnight").
However, things still doesn't look that great at moment.

The sideways movement overnight (probably controlled) puts things in more favor of the Bears. Both support and resistance levels are now lowered.

Even if BTC price climbs to 7425 and a bit, be cautious. I wouldn't be surprised if Bears use that as a "springboard" to push price down to ~7k.
Only if very strong buy volume pushes us well over the 7425 resistance, can Bulls be in a safer position.

Comment: Bitcoin quickly pushed up, touched & bounced back exactly at my 7425 mark, as expected.
Hopefully we see some movement happen now/soon, whether down or up.
Either Bulls step up & push it over that resistance, or there's a good chance of falling to ~7k.

Comment: #Bitcoin has been moving sideways for over a day now, and isn't giving any strong clues on it's next direction.
A Bear Flag should have broken down by now, while it also keeps getting rejected when attempting to break upward.
Keeping it simple for now. (1/2) ...
If $BTC can get above 7440, we should uptrend for a bit.
If #BTC gets below 7250, we should downtrend for a bit.
I'll update with Support and Resistance levels once the next direction is decided. (2/2)

Comment: I mentioned Bitcoin's conditions in my last post. (I also leaned towards Bearish throughout the day)
Break above 7440 = Uptrend (Failed)
Break below 7250 = Downtrend (Condition Met)

Should we continue downward, BTC may find support around 7025-6880 ranges.

Comment: As this could potentially be 1 wave of 5 down (or may already be 2), I extended my support range to 6800, Each price label are significant levels of support I see.
One would have to observe the development of the moves down to better predict the end point.
(I'll be off to sleep)

Comment: Bitcoin is moving oddly to me at the moment.
It attempted to jump upward from an area of no support, but met overhead resistance.

I'll sit things out until BTC settles a bit, and will catch up on other important stuff.

I'll plan next moves when it gets to either of the regions labeled.
~7400 or ~6950

Comment: Actually, I believe I do now see why Bitcoin was able to slightly bounce overnight.
It seems currently bound by this (not perfect) channel, which I've only now spotted.

Still, I'll be waiting it out till BTC hits either of the regions labeled.
~7400 or ~6950

Comment: IF Bitcoin happens to drop here, there could be some bounce @ ~7110, but I can't say how strongly.
Lower/Next support is ~6950.

Comment: We're possibly not done yet going down. Update coming soon.
Comment: (Further updates moved to new post - For more regular updates, follow my Twitter: https://twitter.com/AndrewEDavis )

Completing this Downtrend - BTC to: 7015 > 7160 > 6940 ~12hrs

Unless Bitcoin gets very strong buy volume soon to push out of this down-trend, this is the likely price movement I see happening over the next ~12 hours.
BTC to: 7015 > 7160 > 6940
There's a likely chance of up-trend after this.

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