Bitcoin Analysis

bigbax699

Recruit
Messages
35
Looks like BTC is in a range at the moment. We got a nice push up to the top of the range, so to me it voids the H+S that people said they could see. We have since seen a drop but it has rejected right off the .236 fib level. Its most likely we will see another bear candle when this closes. Im looking for a similar price action to the previous square box like we had previously, before the next push upwards to breakout, should just be enough time for the ema's to catch up and give extra dynamic support. Defo one to watch over the next few days. GLIYF
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ScottHughes

Corporal
Messages
82
Coming up for the 3rd test of 10k I would say you could be right with yellow dot 2 but may not break the 10k till point 3. When it does break we will be looking at a ath for sure
 

bigbax699

Recruit
Messages
35
Well last time i looked at bitcoin i was looking for a similar price action to happen in the yellow box to the previous section, low and behold we got similar price action. price came down to support and we got the push up. If you followed that was an easy intraday trade. Currently we see price sat at the top of this range, we need to breakout of here to see further move to the upside. We are creating higher lows, we just need to create that next higher high. Moving averages are giving nice dynamic support, looks to be a wedge formation so i think its only a matter of time before we see a breakout to the upside. get ready on any pullbacks to buy in. GLIYF

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ScottHughes

Corporal
Messages
82
I'll still buy up to 10k and also sell down to 8800 this week. Not biased on either as can see it ranging here.
 

bigbax699

Recruit
Messages
35
Looking back at Bitcoin again today and we can see price has give us a push down from the resistance level . Nothing major as we expected a drop before we get the next push upwards. As you can see it rejected just above the trend/200MA/.382 fib. Showing to me a nice support zone , i believe we will accumulate here before we get the next push to breakout the zone above. Im still holding my longs. GLIYF
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bigbax699

Recruit
Messages
35
Ok so the second set of waves didnt come to fruition. Weve seen a small sell off in BTC . The big things to note is that we fell through trend and also the 100+200 averages. We have rebounded right off the .382 fib level.
Price is currently trying to break back above the 200 average. We need to see this stick for any chance of a bull to remain for the near future. Its possible it could be a fakeout and collecting liquidity. Not a bad time to load up on longs, will be more confident in the bear when we break that 10K level of resistance.
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