Woolhead

BTC/USD long term analysis update, short term gains to be made

POLONIEX:BTCUSDT   Bitcoin / Tether USD
This update is an extension on previous long term analyses, although this one is more longterm. The same support lines are used and are still followed by the market, with one added at 6k. RSI supports upward movement, however the MA (50) still needs to come down to support it. The resistance at 8.4k hasn't been tested yet, so I expect that to happen first. If it holds, it'll likely go down to around 7.55 where the new support is. There it'll likely bounce to resistance since historically this has been a strong support. Gains of around 12% can be made in that trade. Bitcoin will not go above 9k until the MA supports an upwards trend.

To conclude, the RSI together with the support and resistance theory support a test of resistance at 8.4k. The MA(50) together with the support and resistance theory support a test of support after the resistance test at 7.55k, upon which it'll move to 8.4k again.

Keep an eye on the description comments for changes.

If I made you money, please consider buying me a beer to make my day:
LTC: LfbKuDHZaDTRUV9pXJuWCUcG14XLrGtBcs


Keep in mind to always set stoplosses and know the risk of the volatile market. Technical analysis is just an indication and is not a guarantee.

Previous analyses:
Comment: Resistance hit. Prepare for support test.
Trade active: Support hit. Buy in, set stoplosses, strap in for up to resistance.
Trade closed: target reached: Target hit by far. If you followed the chart and capitalised on each movement, which were predicted, there'd be 36% profit.
Trade active: Right now you can put a buy around 8500, because the stock will test that support once more. 9950 will be hit. Likely in the next coming days, then return to supports then hit it again. Buying in now is risky. It would be good to buy at support and setting stop-losses in place after it buys to safeguard your investment.
Comment: Disregard the comment I made above a few minutes ago, I misread some numbers. Since 8500 was breached in ease, and also breached resistance 9400 with ease, we're at a weird spot. Resistance is at 10950. This will definitely be tested the coming days. However, the support will also be tested before we go there. 9400 was ignored on the way up, but might provide a plateau of support on the way down. 8500 will likely function as main support here, so expect 8500 to be tested. Like I said here above, I'd buy at 8500, or if you are eager to ensure a ride to 10950, I'd buy at 9400. Set stop-losses, and sell at 10950.

Happy trading guys.
Comment: Continue here for further advice:

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