Are Bitcoin's bulls starting to get back up after being continuously knocked down throughout 2018, or just early risers?
It is undeniable that some of the top market cap alts such as LTC and BNB have shown great signs of life after seeing over 200% gains in a few months. Bitcoin though is only up 20% so in comparison so is currently lagging behind. From my primary Elliott Wave count I do believe we are going to get another Wave downwards, but price action is the best indicator which has been looking healthy over the last month, though still struggling with $4000 to $4450 resistance. A break above the top trend line on my chart would be significant for the bulls as it will mean breaking strong resistance levels which didn't happen throughout 2018. If bulls are unable to break the top trend line then the 200 WMA is going to get tested again and my Elliott Wave triangle will remain the preferred trading setup. I am aware of a potential bear trap first to engineer liquidity, which could then get us testing $2800 or the bottom trend line around $1800.
This has been a larger look at Bitcoin using two significant trend lines for support and resistance. I will continue to scalp Bitcoin and the alt coins daily while BTC moves towards its trend lines, and the higher time frames give much more clarity to the trades. Hope you have enjoyed this analysis and it has helped you identify the key levels to be trading from with me.
It is undeniable that some of the top market cap alts such as LTC and BNB have shown great signs of life after seeing over 200% gains in a few months. Bitcoin though is only up 20% so in comparison so is currently lagging behind. From my primary Elliott Wave count I do believe we are going to get another Wave downwards, but price action is the best indicator which has been looking healthy over the last month, though still struggling with $4000 to $4450 resistance. A break above the top trend line on my chart would be significant for the bulls as it will mean breaking strong resistance levels which didn't happen throughout 2018. If bulls are unable to break the top trend line then the 200 WMA is going to get tested again and my Elliott Wave triangle will remain the preferred trading setup. I am aware of a potential bear trap first to engineer liquidity, which could then get us testing $2800 or the bottom trend line around $1800.
This has been a larger look at Bitcoin using two significant trend lines for support and resistance. I will continue to scalp Bitcoin and the alt coins daily while BTC moves towards its trend lines, and the higher time frames give much more clarity to the trades. Hope you have enjoyed this analysis and it has helped you identify the key levels to be trading from with me.