TomProTrader

BTC/USD - Opportunity To Buy

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             currently is approaching a strong horizontal resistance zone which was the previous resistance for the bottom of the previous impulse down leg. For this reason it's a level we certainly have to watch. The resistance zone between 6770 and 6570 is extremely strong at this point due to the structure resistance , and the converging moving averages are also acting as resistance. The major moving average correlates with the top of the structure resistance zone so this is a level that needs to be considered especially. If price breaks the zone, then it will almost certainly retest the top of the resistance zone turned support at 6770 before going to the upside.

In this moment it's best to watch and wait. You can scalp around this level but you must be extremely nimble doing this. If you're a long term holder, you can hold continuously and have a stop below the impulse swing. If you're waiting to get in for a mid term hold you must wait for the breakout, and retest on the support as mentioned before. When you buy on the retest, you can happily buy and expect an upside movement to the upper resistance zone target at 7300, giving a nice 10% move with an extremely low risk. :-)

The bottom before price went up looks strong, with candlestick reversal signals screaming upside impulse. I expect this bottom to be sufficient to give momentum to desired upper target. There is a probability that price will stall at the bottom of the resistance zone at 6570 and go downwards, but along as it doesn't go below 6290 then I consider it to still be bullish .

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

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Thank you for all of your support.
Comment: Brand new Bitcoin analysis posted on a fresh page with a precise trading plan! :-)

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Thanks for your work Tom! :) On the 4H, we're right now building quite a few bullish patterns, not just with grandpa Bitcoin, but also the Altcoins. Greets from sunny Munich! ;)
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Jack777 Jack777
@Jack777, + Ethereum has broken a beautiful ascending triangle to the upside, and is right now even stronger than Bitcoin in the direct correlation, which is pretty normal after it had beaten up so heavily
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Agreed. Thanks for this chart.
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BTC intraday trading plan, check it out

+1 Reply
@weslad, thanks for sharing.
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i agree too
+1 Reply
@maayas, thanks for sharing.
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Thank you Tom!!
+1 Reply
what about nope :)
+3 Reply
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