TomProTrader

BTC/USD - Planning The Entry

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Price nicely staying around the prescribed levels, and now it's time to figure out the levels where the trade can specifically be engaged. It's been a bit of a waiting game the last week or so, so it's good now that there's 2 levels that a long opportunity can be sought out.

Bitcoin -0.41% has 2 levels to trade. They are:

1) Bitcoin -0.41% bounces off of the side-wards support line between 6520 and 6560. This is also where the 20 and 50 moving average support level is, and would be a good place for a bounce and long opportunity.

2) Bitcoin -0.41% fails to support on the side-wards support level , and falls lower. Price will then hit the horizontal support zone instead, at 6210 before a bounce up.

Bear in mind that if price plays out scenario 2, it is significantly less likely that the upside target will be hit.

Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!

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Comment: Price continues to go to the downside very nicely. On the 8 hour chart there's a fantastic down move and a hammer/pin bar onto the converged moving averages! I'll be watching this very carefully today as a premature move is actually possible soon!

Will be keeping this analysis updated as it progresses.

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Bitcoin update for all of you asking about it.
Ill try to stay consistent doing 1 video a week minimum.

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Typically, I'd say 'up'... But not today.

Rather... I see this breaking down.

Why? Just a hunch. (I follow my hunches, sometimes).

Feels like a good time to pull the rug, no?
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I'm expecting 6200 too. It can take a week to get there, though.
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Tom, I suppose these are potential entry levels for Bitfinex solely. Considering today's action maybe they should translate to 60-80 points lower for almost all the other exchanges. Is that so?
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Bullish price action has been invalidated
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bedarija Msparky
@Msparky, it wasn't even validated yet. check daily RSI numbers and you will see we are still neutral
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Bitcoin 1D Analysis with WMA 105
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im seeing this Tom,
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@majorlee, Definitely a possibility. Thank you for sharing. :-)
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