Hello Traders! CTDave here again with another daily price analysis chart.
Today I will be analyzing BTC again. After nine red weeks BTC started showing some hope, but is it going to last?...
Long Term Analysis:
If we take a look at the 200-period EMA (the little pink squiggle below the price), then we would see that BTC just barely touched it and retraced. Also, a look at the RSI shows that BTC has been almost oversold.
Now, if we look at the thick orange sloping lines, we would see that BTC is forming a downward breakout triangle. Then, there is support indicated by the red thick line down on the bottom.
The blue arrow indicates the price as I see it would go. First, it goes up to the orange resistance then down to the red support after which, it breaks out the breakout triangle up to the ~50k level. The 50k level presents strong resistance which is why the blue arrow reverses after hitting it.
Then, BTC goes down to the demand zone at ~18k as shown by the orange rectangle. If the price stays there, then BTC might have a bullish reversal like the green arrow shows, if not, then it will go down to the very strong demand zone at ~10k where we buy. By the time BTC reaches that point, the start of a new 4-year cycle will begin.
Unfortunately, the bull run that we all have been waiting for in 2020 has not happened. But if the price reaches 10k then that would be a very great opportunity to buy. By the time BTC goes down to 10k or 18k, the next bull run would be around the corner.
Quick Thoughts:
Possible reversal up until ~50k and then after that a huge dump to ~18k or even ~10k which are the demand levels. Expect a reversal at that point to a new ATH!
Thanks for reading!
As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!
Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.
fingers crossed..i hope the support holds at 25k:agree:
CTDave
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@radioninja, yep, I strongly believe this is the short-term bottom. If not, then BTC not going lower than 20k
muototo
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Do you think it gonna dump before the austin texas bitcoin confference ?
CTDave
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@muototo, I am not really sure what conference you are talking about
muototo
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@CTDave, consensus by coindesk, gonna start on june 9 ends on june 12. Might see a small dump? Because whenever theres a confference the whales love to dump the price
CTDave
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@muototo, Might dump, or it might not. Regardless of the output, in my opinion if there even is going to be a dump, it's not going to be very big.
O-Assnani
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i hope it will be like that , but i dont think , that bitcoin will hit 10,000 that to much
CTDave
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@Cryptoshinu, Time will show... Thanks for dropping a comment
CTDave
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