BTC/USD - Market Overview
Updated
In my last analysis I gave a "left or right" analysis where we would either break the side-wards resistance we was just at, or we would fall from this level. This is now "it's either up or down" move per se, it was me identifying the level where resistance was right now and that was a key level. Those who don't see the point in an "up or down" analysis obviously don't have a contingency when making a long or short trade, so basically have no stop losses (Lol), so that's obviously a poor way to trade... Thus both sides of the trade are ALWAYS given here. If you dislike both sides, feel free to unfollow and find someones work that better suits you. :-)
Moving onto the analysis, Bitcoin clearly stalled at the resistance which was scenario #2 of my previous analysis (See related ideas below for more information regarding this analysis) and is now travelling down toward the horizontal support zone between 6090 and 5810. As it stands price is below the 20 and 50 moving averages, and could end up using those as resistance now if the bulls try and push price back up before it's completed the down wave first.
Price will now continue down to at least 6245 (Low consolidation support level) before the bounce up. But there is a wide angle where Bitcoin could stop which is between 6245 and 5800. If price stays ABOVE 6090 it is actually technically bullish still as the lower signal that introduced the up move is not negated as of yet. Saying this though, this does not mean I'd hold a long position all the way down to 6090 just because its bullish territory, but it does mean if there's a premature pullback then we can be buyers above 6090.
To enter best into a long trade, use 1/4 hour time frame. Any less will put you at risk of a trap, and any higher and you'll miss the core signs of the up move and thus miss some or if not a lot of the move.
Where do YOU think price is headed? Leave a comment with your analysis and let's share our ideas!
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Moving onto the analysis, Bitcoin clearly stalled at the resistance which was scenario #2 of my previous analysis (See related ideas below for more information regarding this analysis) and is now travelling down toward the horizontal support zone between 6090 and 5810. As it stands price is below the 20 and 50 moving averages, and could end up using those as resistance now if the bulls try and push price back up before it's completed the down wave first.
Price will now continue down to at least 6245 (Low consolidation support level) before the bounce up. But there is a wide angle where Bitcoin could stop which is between 6245 and 5800. If price stays ABOVE 6090 it is actually technically bullish still as the lower signal that introduced the up move is not negated as of yet. Saying this though, this does not mean I'd hold a long position all the way down to 6090 just because its bullish territory, but it does mean if there's a premature pullback then we can be buyers above 6090.
To enter best into a long trade, use 1/4 hour time frame. Any less will put you at risk of a trap, and any higher and you'll miss the core signs of the up move and thus miss some or if not a lot of the move.
Where do YOU think price is headed? Leave a comment with your analysis and let's share our ideas!
Leave a LIKE & Follow to motivate me to post further free content!
Thank you for your support.
Note
Price is holding support well, as I said above, it price is above 6090 it is still technically bullish and buys can be made. But this is with the use of 1 and 4 hour time frame and a good understanding of the market.I will be watching closely to see if price makes any nice moves which can be monetised on. :-)
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