As you can see, Bitcoin is currently in a short/medium term downtrend. The overall trend is still upwards as you can see one structure has been built on top of the other, and most recently Bitcoin used the 2nd structure as support twice which may be a double bottom. The price is also still well above the 200 day MA.
The ideal entry was 9,100 as a lot of people were anticipating a possible double bottom and there is strong support at this level.
I believe we are going to go up from here in a similar manner as shown in the green boxes on the two previous structures (sideways then bulls becoming more aggressive). However, if 9,100 support breaks, I believe the target becomes 8,500 - 6,800, which is NOT something I anticipate but it is certainly possible and am ready for.
For those who have agreed with my analysis and purchased the double bottom at $3,150, below 9,100 might be a good place to start setting stops until Bitcoin can close above this level again.
See my related idea below for my original Bitcoin bottom call. Please like/subscribe if I have helped you.
The ideal entry was 9,100 as a lot of people were anticipating a possible double bottom and there is strong support at this level.
I believe we are going to go up from here in a similar manner as shown in the green boxes on the two previous structures (sideways then bulls becoming more aggressive). However, if 9,100 support breaks, I believe the target becomes 8,500 - 6,800, which is NOT something I anticipate but it is certainly possible and am ready for.
For those who have agreed with my analysis and purchased the double bottom at $3,150, below 9,100 might be a good place to start setting stops until Bitcoin can close above this level again.
See my related idea below for my original Bitcoin bottom call. Please like/subscribe if I have helped you.
Comment:
There is a lot of resistance in the $10,640 zone. 50 Day MA, 30 Day MA, and overhead resistance (green line). Might be a good area to take some profit. Bulls do not want a close below the 50/30 day MA.
Comment:
Bulls reclaimed 50 & 30 day moving average as support. To those who took some profit before this area (like me) there was a clear zone of re-entry after it became clear the 50 and 30 day was holding as support.
I believe bulls need to break this overhead trendline resistance to try for new highs. If the bulls fail here, then this could possibly form a descending triangle which has been bearish for Bitcoin in the past.
I believe bulls need to break this overhead trendline resistance to try for new highs. If the bulls fail here, then this could possibly form a descending triangle which has been bearish for Bitcoin in the past.
Comment:
If bulls overcome the overhead resistance, then 12.4 becomes the next minimum target imo. That would be the target from the double bottom.
Comment:
Double top target hit at 12,360. We're seeing rejection in this area with the long exhaustion wick. A daily close below the descending trendline would be bearish.
Comment:
Bulls made another push and got rejected above the sloping trendline. Waiting for day close for confirmation. Here is a better view of the descending triangle which I believe has formed (assuming day closes below the trendline).
Comment:
Bulls managed to close the day above the trend line. Looking for a retest around ~11.8k to confirm resistance has become support.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
