Bitcoin Analysis

Messages
181
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.View attachment 53913
nice one. did you go short over the weekend?
 

bigbax699

Recruit
Messages
35
Well to my surprise bitcoin did a little fakeout. Since price broke below the trend and the average i thought it was possible for us to see a drop further down. BUT to my surprise we have seen some bullish price action. A double bottom held on the .382 fib and we now see price back above the avreages, trend and we sit at some resistance. If we can rally above the resistance zone then we might be able to break 9outt o new recent highs. Which would be great for a nice bull run to start again. Im still holding longs. i willre enter if we break above and retest the zone as support. Amazing what a few hours difference can make. GLIYF
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bigbax699

Recruit
Messages
35
Back looking at BTC again today and we have had our new high made, BUT we have seen an instant return in price back below 10K. Was this a liquidity grab for people jumping on longs after the push up? Certainly looks like it to me, we have settled on the 50% fib from previous low swing, rejected and still above 100+200 ema , resting on the trend, the next few days will give us clues to intentions of price movement. But the new high makes room for more push upwards, still holding longs, i TP'd half of my position on the rise.
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bigbax699

Recruit
Messages
35
Well Bitcoin has almost gone exactly to plan so far. i was looking for the push up to the supply zone and then a drop back down to support in my circled area, and we pretty much got what i was looking for. Priced wicked out from the bottom showing good buying pressure, we held on trend and are still bullish in trend, creating higher lows and higher highs. We just need to break above 10.5K and stay there. thats what im looking for
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ScottHughes

Corporal
Messages
84
It's been steady across the weekend, until the last few hours. Had a nice short position just come into good profits
 

bigbax699

Recruit
Messages
35
One thing i like about bitcoin is that it respects certain levels and indicators very well. We are still bullish and getting ready for the next pop up in price i believe. you can see when you look close it loves to respect fib levels, EMA's trends and price patterns. Most recently it rejected right from the trend and .236 fib level for a multiple confluence bullish signal, price held above the 100EMA perfectly then we got a nice bullish engulfing . The pullbacks are small but the bullish gains are quick to strike back. I believe its only a matter of time before were trading above 10.5K
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bigbax699

Recruit
Messages
35
Looks like we're in a sideways movement with Bitcoin at the moment, small range. i think it could possibly move towards the trend and pick up multiple confluences before we get the next push upwards. Ive marked out a couple of areas that i will be interested in placing longs. GLIYF
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bigbax699

Recruit
Messages
35
If you saw my chart yesterday i blatantly pointed out the buy spots. It couldnt of been any easier for you to jump on that buy. price came right down to the trend line and 100EMA. Rejected right off it like expected, 400 pip rise if you was an intra day trainer. Love it when it respects these levels and confluences. Hold if your a HODLER or take the nice profits and but again on the next pullback, or wait for the breakout up top and retest. Plenty of opportunities with bitcoin . GLIYF

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bigbax699

Recruit
Messages
35
Well BTC has shown us its first weakness in recent times. Price has broken down and below the trend. Price currently sits between 100+200 ema , price action is showing us a bearish pennant , so bias would be for a sell for the intra day traders. The question is where will we find support for the next push up? We could reject from the 9100 area like previous and get a big double bottom , or even further below to the support of 8700. One to watch next few days GLIYF
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bigbax699

Recruit
Messages
35
We were looking for the intraday sell last time we looked at BTC . After the initial drop we were looking to sell the bearish pennant . It offered a few hundred pips on the initial drop , but as we can see price rejected right off that little support zone and wicked right out. That was your signal to take profit especially when we got the wicked hammer candle and the doji right after it on the .236 fib level of support. That was your new reversal signal to go long again. We made it back above the EMA's where price currently sits. Im currently long from 9100 on an intraday position. Already made risk free with SL so will ride this one out. Looking to break to new highs in the coming days as USD seems to be getting weaker overall. GLIYF
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