Bitcoin (BTC) analysis thread

[DaveT]

I think the drop was coming anyway

 

[RachelEB]

The daily looks like a huge retest of the trend, looking short still for sure till it breaks above.

 

[MikeShor]

The dump could be covid X miners/whales. Don't think I would risk a buy yet.

 

[K_Robdog]

Looks like a rising wedge up to the previous support. I think i'll be opening some short positions...

 

[momo3HC]

Great analysis as always mate. I think the recent revival is also geared at getting a good price ready for another sell off. Possibly at the $8500 mark.

Finding this opinion in a lot of places lately but only a time will show. If it happen again i hope it won`t be so deep.

 

[Alanmarshall]

have we got another update?

 

[momo3HC]

have we got another update?

Soon. May be till the middle of next week.

 

[momo3HC]

Hi all. Here`s my latest Bitcoin (BTC) analysis.

First of all I`ve got to mention that this is my short term analysis and it`s going to be really short.

In the next few days i`ll present you my really long term (kind of edited) analysis too.



Now let`s get to the technicals.

The main point here is the ascending triangle at 4H chart. This pattern most of the time leads to a bullish breakout but we`ll see.

• Pivot point for this week is $6182.09
• We`re far above it right now which is awesome for this and the next week.
• Resistances:
• 1st $7100-7300 (a MAJOR one) – that`s the top of the ascending triangle and also 61.8 fibo level at weekly chart. A break above it will be a strong bullish signal.
• 2nd $7800 (by previous PA)
• 3rd $8500 (by 50% fibo level and previous PA) – here the resistance can be even a bit lower by VPVR indicator.
• Supports:
• 1st $6400 (last resistance)
• 2nd $5600 (MAJOR support by historical PA)

One last point for today. Thanks to Glassnode we can monitor a lot of on-chain activity out there. The last thing that i`ve noticed is the enormous amount of Tether USD (USDT) which is stacking into exchanges. And now you`ll be asking: “So what?”. USDT is the easiest way to buy/sell BTC for the so called whales. But is you`re selling BTC, the you`ll cash out BTC for USDT and then for real cash. But when you want to be fast with buying BTC, then you`re staking your real cash to USDT in exchanges and just patiently wait to start buying BTC. Isn`t simple enough?

That`s from me for now.

 

[steveday76]

Hopefully will get above $7,000 over the next few days. Thanks for the analysis.

 

[sebking1986]

I'm bringing my rejection to $7200ish and then heading lower again as mentioned before. Great to see different opinions on it.