At short and long term timeframes we received a moderate correction. This indicates that it is safe to buy after parabolic growth
Despite strong resistance which we discussed in the previous analysis, the price continues to rise until Bulls begin to doubt their strength. The reason why Bitcoin's price is going up while there is a clear decrease stage is in the Bulls' confidence.
The retest of $9 000 level was successful, it becomes clear to the whole market that there is nowhere to go lower while every minute is the last chance to buy cheaper.
Next BTC move should be a sharp upward rally in case of bounce from the parabolic line
After Cup & Handle was rejected there was formed an IHS pattern in the short term which leads to 5 Impulse growth waves. Bitcoins price should reach $9 600 level soon while afterwards there should be a normal consolidation to $9 300 level where you can buy back. Then the price should reach $10 000 level. In case of successful consolidation above the mentioned level a FOMO may start.
EMA acts like a support as well as Ichi. According to the analysis it is a safe time to buy at current levels between $9 100 and $9 300
New short term positions are already in the channel, profitable trades for everyone !
Despite strong resistance which we discussed in the previous analysis, the price continues to rise until Bulls begin to doubt their strength. The reason why Bitcoin's price is going up while there is a clear decrease stage is in the Bulls' confidence.
The retest of $9 000 level was successful, it becomes clear to the whole market that there is nowhere to go lower while every minute is the last chance to buy cheaper.
Next BTC move should be a sharp upward rally in case of bounce from the parabolic line
After Cup & Handle was rejected there was formed an IHS pattern in the short term which leads to 5 Impulse growth waves. Bitcoins price should reach $9 600 level soon while afterwards there should be a normal consolidation to $9 300 level where you can buy back. Then the price should reach $10 000 level. In case of successful consolidation above the mentioned level a FOMO may start.
EMA acts like a support as well as Ichi. According to the analysis it is a safe time to buy at current levels between $9 100 and $9 300
New short term positions are already in the channel, profitable trades for everyone !
Trade active:
At the chart you can see the results of our the most recent analysis. We received a nice bull run which accurately followed our analysis, moreover expected increase exceeded our forecasted figures. According to the analysis the price should cross $10 000 now, however we received a great impulse wave and the price quickly crossed the resistance which allowed it to move higher. Currently the price is $11 000 and we receive developing FOMO signs which could mean it should start any moment.
The risk of going below $10 000 again
We should be aware of going below $10 000 because it will cancel an upward movement of Bitcoin. Nevertheless the shift of the trend to lateral will be favorable for Alt markets. Coming back to BTC analyzing D4 timeframe chart does reveal any patterns or signs of a decrease scenario. The reason is that whales and exchanges will help bulls to stay above the support line. Carefully following the chart shows that bulls are buying up instantly after each drawdown, while bears lack for trade volume and can not push the price lower. The most applicable approach for bears is a stop loss hunt. They try to quickly push the price down which causes triggering of stop losses. We could observe successful implementation of this strategy 2 days ago. A quick decrease resulted in a drawdown to $10 300 level.
Conclusion: set a reasonable but significantly low stop loss which is below major Fib retracement levels and crucial psychological levels, act differently, do not follow common patterns of market players because bears hunt for them to grab your coins cheap. We recommend to set a hard stop loss below $9 300 while the most efficient strategy will be manual control of BTC price action
The forecast of BTC price action
The price approaches to the previous top around $11 100. In case of another rejection and breaking down from this level double top pattern will be created which is quite negative and bearish. Nevertheless the market is being manipulated with whales and large institutional investors, so with a high probability the pattern will be ignored. Bulls are really strong now, while people demand new heights of BTC price. The MACD and Stoch RSI tell us that consolidation is finished and is in the neutral triangle now, which is neither a bearish nor a bullish structure per definition, however a positive sign while trade volume grows which we observe now. From the technical side BTC is ready for upward movement according to combined results of pitchfork, DMI and Ichimoku analyses.
Conclusion: open a long position with BTCUSDT pair, while alt positions should be closed now. IF you wish to diversify your portfolio use high cap top 10 alts and trade them in ALTUSDT pair. Do not hold alts which are in loss due to BTC rise as new impulse wave of Bitcoin's price growth is coming. FOMO is near and we should see new ATH this year
Best regards,
SkyRock Signals
The risk of going below $10 000 again
We should be aware of going below $10 000 because it will cancel an upward movement of Bitcoin. Nevertheless the shift of the trend to lateral will be favorable for Alt markets. Coming back to BTC analyzing D4 timeframe chart does reveal any patterns or signs of a decrease scenario. The reason is that whales and exchanges will help bulls to stay above the support line. Carefully following the chart shows that bulls are buying up instantly after each drawdown, while bears lack for trade volume and can not push the price lower. The most applicable approach for bears is a stop loss hunt. They try to quickly push the price down which causes triggering of stop losses. We could observe successful implementation of this strategy 2 days ago. A quick decrease resulted in a drawdown to $10 300 level.
Conclusion: set a reasonable but significantly low stop loss which is below major Fib retracement levels and crucial psychological levels, act differently, do not follow common patterns of market players because bears hunt for them to grab your coins cheap. We recommend to set a hard stop loss below $9 300 while the most efficient strategy will be manual control of BTC price action
The forecast of BTC price action
The price approaches to the previous top around $11 100. In case of another rejection and breaking down from this level double top pattern will be created which is quite negative and bearish. Nevertheless the market is being manipulated with whales and large institutional investors, so with a high probability the pattern will be ignored. Bulls are really strong now, while people demand new heights of BTC price. The MACD and Stoch RSI tell us that consolidation is finished and is in the neutral triangle now, which is neither a bearish nor a bullish structure per definition, however a positive sign while trade volume grows which we observe now. From the technical side BTC is ready for upward movement according to combined results of pitchfork, DMI and Ichimoku analyses.
Conclusion: open a long position with BTCUSDT pair, while alt positions should be closed now. IF you wish to diversify your portfolio use high cap top 10 alts and trade them in ALTUSDT pair. Do not hold alts which are in loss due to BTC rise as new impulse wave of Bitcoin's price growth is coming. FOMO is near and we should see new ATH this year
Best regards,
SkyRock Signals
Trade closed: target reached:
Bitcoin has reached $13 000 today. All targets were hit, congratulations with profits!
Profit: 51.2%
Duration: 9 Day
Profit: 51.2%
Duration: 9 Day
Comment:
After rapid growth a natural consolidation has happened and the price went to $10 500 level. Currently Bitcoin is at local resistance of $11 900 which is very important for a subsequent upward movement.
At the short-term timeframe chart there is an upward price action, while bullish XABCD pattern is being formed at the support line of the trend. It is expected a breakthrough above the resistance and consolidation above $12 100 level. In case of success we will have another run in the mid-term
At the short-term timeframe chart there is an upward price action, while bullish XABCD pattern is being formed at the support line of the trend. It is expected a breakthrough above the resistance and consolidation above $12 100 level. In case of success we will have another run in the mid-term
Skyrex.io is an AI-powered platform designed to make professional-level cryptocurrency trading effortless and accessible for everyone
Access free SmartTrade terminal and automated AI bot at app.skyrex.io
Access free SmartTrade terminal and automated AI bot at app.skyrex.io
Now the main goal of the first cryptocurrency is $10 000. On the way to it, the coin may face resistance at a key Fibonacci retracement level of $9 642.
Nevertheless, on the hourly and 4-hour charts there are bearish divergences of indicators and we face a short term decrease. Hence rally may be preceded by a correction to a key support level of $8 610 - $8 870.