Hi all, its been prety long I posted about BTC, here come my current and expected view on the current market.
There is no doubt BTC have been moving in PARABOLIC pattern with little or no retracement all the way up.
Suddenly this heavy momentum seems to be fading away after hitting close to 8400$, which give most analyst reason to think time for retracement is almost in. With most of Oscillating indicator showing huge overbought.
On my chart I put up 2 Parabolic Arc with one serving as support and other as resistance, we can see how the price keeping holding within this two range.
We should keep an eyes on the immediate support level, if this level break it implies the break in transition of PARABOLIC move then we should expect massive drop with target towards 6500$.
Whereas a break of the immediate resistance line will take us to a new journey of BTC which will be close to 8800-9500.
TRADING PLAN The plan will be to wait for breakout of any of the above mentioned level and go in with pull back towards any of the break direction. The level to watch are 7455$ and 8300$.
I appreciate the time taken to read this analysis, I will be glad if my analysis is encourage with your likes.
Trade active
⋅
Keep close eyes on the marked resistance zone, BTC will remain downside if failed to break but when it break upside we should long the pull back.
Trade active
⋅
let keep an eyes on the resistance level. The Bull pressure keep coming
Trade active
⋅
The above mention level presently acting strong for BTC.
Trade active
⋅
We have price trapped inside this triangle and the breakout from there will lead us to next direction of market. Let keep an eyes on it