BTC/USD - Live Update

Following on from the last analysis - Bitcoin continues to stay at the horizontal support zone as per our last analysis. Now, price is deep within the support zone and a decision must be made whether to buy within the lows of the support zone, or hold out, and find a lower buy and not miss the boat by waiting for the side-wards support line before the upside. If price hits the side-wards support zone, there is a risk that is will use the horizontal support zone as a new resistance so this must be something we bear in mind. Even if price does hit the side-wards support line we can still buy, wait for it to approach the horizontal support zone and then determine the behaviour of price here and see if we can get more upside from there, if not just book a little profit there instead.

The buy at side-wards support does provide little risk since the likelihood of bounce is pretty high (Providing the horizontal support zone does fail) and would be one of the last technical levels for price to bounce for a while. If price does break below side-wards support, this shows a massive long term weakness in bitcoin, and could go pretty low from there... If this does happen a new analysis would be made regarding this. I think the odds of it breaking side-wards support line are pretty low, so I won't talk further about this in my analysis and focus on the situations I have outlined in the chart.

I am expecting price to become a buy opportunity when there is a candlestick reversal in the horizontal support zone. If not, I will simply will look for a buy opportunity at the side-wards support line instead. whichever way this goes, it should be easy enough to make some profits... Even if, the move is only a corrective one and is part of a shorter term picture.

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

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Comment:

Price has so far had a small up move with a bull candle but really this didn't mean a lot alone. But.. With this candle followed by yesterdays candlestick close it does mean bulls are around! (Even if only a small amount but more than usual)

Yesterdays bear candle took us right to the bottom of the support boundary, but before the trading day closed, bulls had managed to claw back most of yesterdays losses and close with a very nice hammer signal.

The hammer followed by the green candle today are early indications that bulls are starting to buy position within the support zone.

I know how much everyone likes to hear it so here it is... This trade is going EXACTLY as planned! :-)

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Comment:

Price hit the bottom of the horizontal support zone and has had some aggressive buying since, just as I'd hoped for in this analysis, and is going as planned! (So far, that is.)

Whilst this initial bullish move is a good start, we know too well that moves with no follow through are very commonplace. For this to carry conviction I'd like to see the up move continuing in a sustained manner, as well as a higher low near where we are now, which would provide a safer buying opportunity.

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Comment:

Price has bounced at the support and is now breaking out nicely, exactly as planned.\

Looks like we could have upside if the upside momentum does continue in a consistent and sustained manner.

Had some nice profitable BitMex trades in the accumulation but too soon to buy any longer term holds right now IMO.

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