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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Comment
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Brand new Bitcoin analysis posted on a fresh page with a precise trading plan! :-)
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6700 by 16th
Test 7000 - 7100 by 18th
Back down to 6200 by 20-22nd
CryptoManiac101
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ArsjaadPoese
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@CryptoManiac101, Brilliant. I love this Multi-dimensional lines. It is consistent.
ArsjaadPoese
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@CryptoManiac101, The only thing wrong, seems the logarithmic or exponential rate and curve of growth. So I think it might go to 300k.
Dojari
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@TomProTrader , just wanted to say, I'm grateful for your earlier tip on spotting the reversal in a lower time frame and for your work in general. I'm learning a lot from this by just trying it out and looking at it myself and figuring out what you mean by it. I saw the doji's on the 4H and made notes in my journal so I can re-live the situation later and hopefully learn to see things in the future a lot quicker. The more I learn the more I see how valid your tips are and you know what you are doing. Keep rocking it man :) Another like well deserved.
ORIGIN
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what about nope :)
achtung360
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Have to give Tom respect he puts out quality work with an actual trade setup here. Not like others who draw 20 lines in every direction. For this long target to hit will have to break our yearly resistance line drawn out here which I don't think will happen though. One pattern has proved consistence all year when we go near the yearly resistance you could basically open a short a walk away but patterns eventually break...
weslad
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Perfect way to trade BTC, moving as expected, check it out
bgrandimbtc
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Headed for double top at 7400 or lower-high at ~7100
Test 7000 - 7100 by 18th
Back down to 6200 by 20-22nd